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- INDIA: Yields higher in early trade, building on yesterday's gains. Yields finished higher for the second day yesterday amid constructive risk tone in India where the equity markets finished at record highs and the rupee rose for the first day in four. Inflows into equity markets helped support the rupee, with a lower CPI print earlier in the week assuaging fears of premature tightening from the RBI. Markets look ahead to WPI data today to confirm inflationary pressures receding, wholesale prices are expected to rise 11.15% in September from 11.39% previously. Elsewhere the RBI will auction INR 240bn of government bonds, the auction bought forward a day due to market holiday for Dussehra being observed tomorrow.
- SOUTH KOREA: Futures higher in South Korea, even as equity markets rise and KRW goes bid. The move in the 10-Year takes the contract to with touching distance of the Sep 7/8 high of 123.16. UST's rose on Wednesday, even as the FOMC minutes showed the board considering a taper as early as November, while CPI rose above expectations. In the cash space yields are lower, the 10-Year dropping 1.5bps to 2.387% and reversing its post-BoK rise.
- CHINA: The PBOC drained CNY 90bn of liquidity today, continuing to drain the pre-Golden Week liquidity injection. Repo rates are within recent ranges, the overnight rate down 6.19bps at 2.0881%, 7-day repo rate up 1.27bps at 2.1627%. Futures have risen again higher for a second day after sliding in October. Speculation is abound that an RRR cut could come as soon as October, as does chatter of an MLF injection, both theories have gathered weight by the latest USD/CNH fixing today where the PBOC indicated a preference for a weaker yuan. Futures have ignored PPI data that showed factory places rose at the fastest pace since 1995, and instead are supported by slightly slower CPI and an overnight move higher in US treasuries.
- INDONESIA: Yields lower across the curve, Indonesia confirmed its readiness to reopen the Bali airport to visitors from 19 selected low-risk countries today, but it is unclear if many travellers will head to the island as long as strict safety measures remain in place. Markets look ahead to trade balance data tomorrow, before the BI rate announcement next week.