Bonds Bid Amid Negative Risk Sentiment

Futures are higher in South Korea, mirroring a move in US tsys. The 10-year last up 25 ticks at 126.04. The contract has gained almost 90 ticks since hitting lows on June 28. Data was positive, but coronavirus concerns have sapped risk sentiment in South Korea. There were 762 new cases in the past 24 hours, down slightly from Wednesday but still above the important 600 threshold and holding near a two month high. Due to the concentration of cases in the greater Seoul area, the health authorities decided to tighten restrictions in the capital area for two weeks till July 14. The local authorities also announced later in the day the greater Seoul area will hold off on implementing the central government's eased social distancing scheme for one week, just hours before the new rules were set to take effect. If virus cases continue to increase, the social distancing level will be raised across the country.