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  • INDIA: Yields mixed in early trade, bonds came under pressure yesterday after the announcement of additional borrowing. GDP data yesterday beat estimates, proving more resilient than expected in the face of the pandemic though consensus seems to be that challenges are on the horizon for Indian growth. Emkay Global lowered their growth estimates even further to 9% citing slow recovery from lockdowns and a sluggish vaccine programme. Participants look ahead to state bond sales today as well as PMI data.
  • SOUTH KOREA: Futures lower, Vice FinMin Lee was on the wires earlier noting that there was a high possibility inflation would rise above 2% in Q1 due to base effects and commodity prices. He added the government will announce measures tomorrow to designed to stabilise prices, May CPI figures are released tomorrow. Data earlier showed the trade balance widened to $2.925bn, lower than the expected $3.751bn. The gain was driven by exports rising 45.6% in May, lower than estimates of a 48.9% rise but still a robust print and the biggest gain since 1988.
  • CHINA: Repo rates have fallen today after a jump yesterday, the rates remain inverted though with the overnight rate just hove the 7-day rate. Overnight repo rate is down 9.7bps to 2.1823% while the 7-day repo rate is down 33bps to 2.1699%. Yesterday's reports that the PBOC may increase liquidity injection through daily reverse repos in June if market rates rise as local government special bond issuances peak and rising PPI fuel tightening expectation still fresh participants minds. Futures are higher with equity markets coming under pressure.
  • INDONESIA: Markets closed for a holiday.

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