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Asia Sovs Steady Ahead Of Powell Testimony, PH Trade Balance Narrows

ASIA RATES
EM BulletDataHomepagemarkets-real-timeBulletEmerging Market News

Asian EM Sovs yields are little changed today after a neutral Powell overnight, and ahead of part two of Powell testimony later tonight and US CPI which will be released. Earlier, Philippines Trade balance showed the trade deficit had narrowed a touch.

  • The INDON/PHILIP curves are little changed today, there is a slightly bear-steepening move although yields are flat to 1.2bps higher.
  • The front-end PHILIP curve continues to trade 5bps tighter than INDON but flattens out and trades 4-5bps wider out the curve.
  • Local currencies are little changed today and hover near yearly lows, with the USD/IDR trading at 16,258, while the USD/PHP is trading down 0.14% at 58.36.
  • Incoming Indonesian President Prabowo Subianto is considering revising the State Finance Law to raise or remove debt ceilings, aiming to increase public spending on initiatives like a free school lunch program and the Nusantara capital city project. However, this move risks unsettling investors and credit agencies, potentially jeopardizing Indonesia's Moody's Baa2 credit rating and creating fiscal policy uncertainty.
  • Philippines may total external trade of goods decreased by 1.2% year over year to $17.26 billion, with exports falling 3.1% to $6.33 billion and imports slightly dropping 0.03% to $10.93 billion. This resulted in a trade deficit of $4.60 billion, a 4.5% increase from the previous year. Electronic products were the leading export and import items, comprising 56.2% of total exports and 19.7% of total imports, respectively.
  • Looking ahead, the calendar is light on for the remainder of the week.
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Asian EM Sovs yields are little changed today after a neutral Powell overnight, and ahead of part two of Powell testimony later tonight and US CPI which will be released. Earlier, Philippines Trade balance showed the trade deficit had narrowed a touch.

  • The INDON/PHILIP curves are little changed today, there is a slightly bear-steepening move although yields are flat to 1.2bps higher.
  • The front-end PHILIP curve continues to trade 5bps tighter than INDON but flattens out and trades 4-5bps wider out the curve.
  • Local currencies are little changed today and hover near yearly lows, with the USD/IDR trading at 16,258, while the USD/PHP is trading down 0.14% at 58.36.
  • Incoming Indonesian President Prabowo Subianto is considering revising the State Finance Law to raise or remove debt ceilings, aiming to increase public spending on initiatives like a free school lunch program and the Nusantara capital city project. However, this move risks unsettling investors and credit agencies, potentially jeopardizing Indonesia's Moody's Baa2 credit rating and creating fiscal policy uncertainty.
  • Philippines may total external trade of goods decreased by 1.2% year over year to $17.26 billion, with exports falling 3.1% to $6.33 billion and imports slightly dropping 0.03% to $10.93 billion. This resulted in a trade deficit of $4.60 billion, a 4.5% increase from the previous year. Electronic products were the leading export and import items, comprising 56.2% of total exports and 19.7% of total imports, respectively.
  • Looking ahead, the calendar is light on for the remainder of the week.