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Asia Sov Curves Steepen, INDON Outperforms

ASIA RATES
EM BulletDataHomepagemarkets-real-timeBulletEmerging Market News

Asia sovereigns curves have bull-steepened today, largely tracking moves in US Tsys ahead of global central bank decisions later this week.

  • The INDON curve continues to trade tighter than the PHILIP curve, and now trades at the tightest levels for the past year with the yield on the INDON 10y 5%.
  • This week focus will be on the BoJ & Fed rate decision, while locally we have Indonesian CPI on Wednesday.
  • President-elect Prabowo is seeking further clarity around his lunch program for school children, this program is key part of his goal to reach 8% economic growth.
  • Foreign direct investment in Indonesia rose 16.6% year-on-year to 217.3 trillion rupiah, with most investments directed toward basic metals, mining, and services, creating 677,623 jobs. Total direct investment in the first half of the year increased by 22.3% y/y to 829.9 trillion rupiah, primarily benefiting the basic metals, mining, transportation, warehouse, and telecommunication sectors.
  • Cross-asset: Local Asian currencies are little changed today, equities are a touch higher with the JCI up 0.20%, while the PSEi is 0.30% higher, in the commodity space palm oil is 0.70% lower after earlier dropping over 2%.
  • Looking ahead this week Indonesia has CPI, Philippines has little on the economic calendar for the week
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Asia sovereigns curves have bull-steepened today, largely tracking moves in US Tsys ahead of global central bank decisions later this week.

  • The INDON curve continues to trade tighter than the PHILIP curve, and now trades at the tightest levels for the past year with the yield on the INDON 10y 5%.
  • This week focus will be on the BoJ & Fed rate decision, while locally we have Indonesian CPI on Wednesday.
  • President-elect Prabowo is seeking further clarity around his lunch program for school children, this program is key part of his goal to reach 8% economic growth.
  • Foreign direct investment in Indonesia rose 16.6% year-on-year to 217.3 trillion rupiah, with most investments directed toward basic metals, mining, and services, creating 677,623 jobs. Total direct investment in the first half of the year increased by 22.3% y/y to 829.9 trillion rupiah, primarily benefiting the basic metals, mining, transportation, warehouse, and telecommunication sectors.
  • Cross-asset: Local Asian currencies are little changed today, equities are a touch higher with the JCI up 0.20%, while the PSEi is 0.30% higher, in the commodity space palm oil is 0.70% lower after earlier dropping over 2%.
  • Looking ahead this week Indonesia has CPI, Philippines has little on the economic calendar for the week