MNI China Daily Summary: Thursday, December 12

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Bonds Benefit From Broad Risk Off

ASIA RATES
  • INDIA: Indian markets are closed today and will return tomorrow.
  • SOUTH KOREA: Futures in South Korea higher, the 3-Year contract up 7 ticks at 110.52, 10-Year contract up 4 ticks at 128.89. Yields mostly lower in the cash space, 10-Year bucking the trend and rising 0.5bps. Participants will look ahead to the KRW 100bn 10-Year linker auction tomorrow. PPI figures will also be released tomorrow. On the coronavirus front there were 2,152 new cases in the past 24 hours, up from 1,805 yesterday with the long weekend being blamed for increased transmission.
  • CHINA: Futures rose in China as equity markets came under heavy selling pressure amid fears of further regulatory curbs and crackdowns. Futures jumped higher at the open and actually trended lower throughout the session but managed to remain above Wednesday's closing levels. Elsewhere there were reports that China Huarong Asset Management will be racapitalised by state backed investors, finally answering the question if the firm was deemed too big to fail by the government. The PBOC matched maturities with injections, repo rates stayed within recent ranges.
  • INDONESIA: Yields mixed ahead of the BI rate announcement later today, the Central Bank are expected to remain on holiday by all economists surveyed by Bloomberg. Elsewhere Indonesia sold IDR 30t of bonds in an auction Wednesday, missing the IDR 33t target, there were IDR 77tn of bids. The Finance Ministry said it will sell IDR 10t in a sukuk auction on Aug. 24.
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