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- INDIA: Bonds under pressure today as risk sentiment improves from yesterday, a small move higher in crude prices could also weigh on bonds. The state debt sale could be supportive today, states are to sell INR 70b debt compared to INR 184bn scheduled in the indicative calendar.
- SOUTH KOREA: Futures are lower today, giving back most of yesterday's gains after closing at session highs. The move has tracked US tsys lower. Coronavirus cases have dropped from record highs seen last week, though authorities warn the peak could be yet to come and have tightened virus restrictions outside the capital. GDP data was slightly below estimates but the BoK reassured markets that the recovery was still on track.
- CHINA: The PBOC matched maturities with injections at its open market operations today, repo rates have crept higher with the overnight rate up 18bps at 2.3122% and the 7-day repo rate up 8bps at 2.2581%, above the PBOC's 2.20% rate but off earlier highs at 2.43%. Futures are lower even as Chinese equity markets remain under pressure. Bonds are hovering around recent highs after a broad rally in Chinese government bond markets, yesterday 10-Year yields touched the lowest since July 2020 at 2.89%.
- INDONESIA: Yields higher across the curve, market seeing some concession ahead of today's IDR 12tn sukuk auction. The finance ministry will issue two new series and reopen two issues. As a reminder, Indonesia extended its lockdown measures by a week through Aug 2, but Pres Widodo pledged adjustments to allow SMEs to operate under strict health guidelines. Officials have also ramped up contact tracing in a bid to stop the spread of new Covid-19 infections.