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Futures lower in South Korea, dropping sharply at the open after grinding out small gains yesterday. 10-year future down 20 ticks at 125.94. In the cash space yields mostly higher, with selling focused in the belly. 10-Year yield up 1.6bps at 2.095%
- The BoK reported yesterday that it would purchase up to KRW 1tn of government securities from the market today, the BoK has previously announced it will buy KRW 5tn – KRW 7tn of bonds in the first half of the fiscal year.
- In a worrying sign South Korea reported 775 daily new coronavirus cases in the past 24 hours, the highest in four days and nearing 800, and the proportion of untraceable infections hit the highest point ever amid concerns of another wave of the pandemic. The current social distancing level will be effective until May 2, while private gatherings of five or more people are banned nationwide
- Data earlier in the session was positive though, consumer confidence rose to 102.2 in April from 100.5 in March, the second month of positive sentiment and the fourth month on an upward trajectory. Household sentiment drove the increase, while views on the economy and income also improved. The print follows robust GDP data earlier this week, many private sector economists have now revised up estimates for growth, including Citibank who now forecast 3.6% growth, a 0.3ppt increase, and JP Morgan who upgraded forecasts 0.5ppts to 4.6%.