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Market News Topics
July 14, 2021 04:10 GMT
China Futures March Higher
ASIA RATES
- INDIA: Yields mostly higher in early trade. Markets await the release of wholesale price data later today, the print is expected at 12.18% in June from 12.94% previously. Earlier this week data showed consumer prices rose less than expected, but were still above the top end of the central bank's target. Elsewhere, India's long-term foreign currency debt rating was affirmed by S&P at BBB-, the lowest investment grade score, with a stable outlook.
- SOUTH KOREA: Futures opened lower but ground higher through the session to head into the close in positive territory. Risk assets were under pressure as South Korea announced yet another record high of coronavirus cases and tightened movement restrictions outside of the capital. The move higher was supported by the announcement of an additional KRW 60tn spending under the New Deal stimulus plan. FinMin Hong yesterday expressed a preference to avoid additional debt issuance to finance extra budgets.
- CHINA: The PBOC matched maturities with injections again today, repo rates currently steady and within recent ranges; the 7-day repo rate last at 2.1932% just below the PBOC's 2.20% rate. The PBOC cut the RRR by 0.5ppts for most banks last week, a move that is estimated to release around CNY 1tn of liquidity into the system, markets await the results of the MLF tomorrow to see if the PBOC lets the full CNY 400bn roll off and thus reduce the implied additional liquidity. Futures are higher in China, 10-year up 22 ticks as markets adjust to some dovish tweaks from the PBOC, yields have dipped into negative territory following a 5- & 7-year auction, yields on the 10-year hit the lowest since July 2020 yesterday.
- INDONESIA: Yields mixed, market continues to digest the strong sukuk auction yesterday. The government sold IDR 12.5tn of sukuk bonds yesterday, above the IDR 11tn target. Elsewhere, Health Min Sadikin said that virus containment measures implemented in Java and Bali have only reduced mobility by around 6%-16%, which falls short of the government's 20% target. The ministers warned lawmakers that the "hospitals can't endure it more if we fails to reduce movement by at least 20%." Indonesia added 47,899 new Covid-19 infections on Tuesday, the most since the beginning of the pandemic. Officials said that the country faces severe shortages of medical staff and would need 20,000 nurses and 3,000 doctors to deal with the current situation in worst-affected regions.
To read the full story
Close
Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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