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- INDIA: Yields lower in early trade. Bonds are expected to be supported again today amid broad risk off sentiment and as oil holds the majority of its sharp declines from Monday. In domestic politics India's PM Modi was forced to deny allegations from the Indian National Congress that his government targeted its political rival for surveillance. Participants await the results of an INR 170bn t-bill auction today, ahead of Friday's auction of government bonds.
- SOUTH KOREA: Futures higher in South Korea, tracking an overnight move in US tsys while concern over the fourth wave of COVID-19 also adding pressure, recent comments from the BoK subduing the move the 3-Year contract. South Korea reported 1,278 new cases in the past 24 hours, in the 1,200s for the second consecutive day due to fewer tests amid scorching hot weather, as authorities are tightening their guard against the fast spread of the highly contagious delta variant across the nation. The 20-Year auction was taken down smoothly with the MOF selling KRW 32bn above target, bid/cover rose from the previous auction.
- CHINA: The PBOC kept LPR rates unchanged as expected (1-Year: 3.85%, 5-Year 4.65%), the PBOC matched maturities with injections at its OMOs. Repo rates have inverted, the overnight repo rate is now above the 7-day repo rate as the O/N rate rises for the seventh straight session, the rate remains within recent ranges; overnight repo rate up 28bps at 2.1841%, 7-day repo rate down 2.4bps at 2.1753%. Futures are higher, 10-year future hitting the highest since July 14, with equity markets in the region lower on the session. Elsewhere, corporate bond spreads widened as investor concerns over China Evergrande's ability to raise funds after creditors froze some of its assets.
- INDONESIA: Closed for public holiday. Moody's warned that the surge in new Covid-19 infections observed in Indonesia is credit negative, while GDP growth and the labour market could fall prey to "greater degree of longer-term scarring."