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Late Equity Roundup: Mildly Lower on Week

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ASIA RATES

Repo rates rise again in China with Loan Prime Rates in focus later this week, elsewhere coronavirus cases dominate headline flow.

  • INDIA: Bonds are lower in early trade. Yields fell yesterday as markets assessed the implications of Friday's cancelled 10-year auction, while the conversion offer and SLTRO also helped subdue yields. Markets will watch for demand at today's INR 105bn state debt sale, though a day of record deaths and over 260k new cases of coronavirus continue to put efforts against the pandemic in focus.
  • SOUTH KOREA: Futures are lower, the opening gap wiping out most of yesterday's gains. Equity markets and the won have both strengthened today. South Korea reported 528 daily new coronavirus cases on Tuesday, back below 600 on fewer tests over the weekend, but health authorities remained alert over a potential hike amid continued cluster inflections and spreading variant cases. South Korean markets are closed for a holiday tomorrow.
  • CHINA: The PBOC matched maturities with injections today after draining CNY 10bn yesterday. Repo rates are higher again after trending lower through the session yesterday; the overnight repo rate is 46 bps higher at 2.1105% after touching 2.195% yesterday, the seven day repo rate is up 3 bp at 2.1804% having been as high as 2.24% today. Futures are higher, retracing some of yesterday's decline with equities struggling to make progress higher despite gains in other markets in the region. The PBOC is likely to keep the Loan Prime Rate (LPR) unchanged when it issues monthly guidance on May 20, the Securities Daily reported citing analysts.
  • INDONESIA: Yields are higher across the curve as worries persist over a jump in COVID-19 infection rates following the holiday last week. Indonesia launched its private vaccination programme using Sinopharm jabs at 20 m'fing sites across greater Jakarta. Over 20,000 companies have registered in the scheme. The Jakarta Post reported that a state-led study suggested that the Sinovac product, which is the cornerstone of nationwide immunisation programme, is 95% effective in preventing hospitalisation and death from Covid-19.

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