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Bonds struggled amid positive risk appetite, China's repo rates rise while markets await the Bank of Indonesia rate announcement.
- INDIA: Yields mixed in early trade, India are to sell a total of INR 360bn of bills later today, the sale consists of INR 150bn 91-day, INR 150bn 182-day and INR 60bn 364-day bills. The RBI announced the details of Friday's bond sale, to sell a total INR 260bn from 2023, 2030 and 2061 tenors. Meanwhile coronavirus related deaths rise to 307k with confirmed cases at just shy of 27 million.
- SOUTH KOREA: Futures are flat and have hugged a narrow range through the session. A 20-year auction was taken down smoothly, the MOF sold KRW 50bn more than indicated. Pre-market data showed that consumer confidence rose to 105.2 in May from 102.2 previously, the May print was the highest since June 2018. The uptick in sentiment was helped by a bumper GDP figure in Q1 as well as soaring exports.
- CHINA: The PBOC matched maturities with injections, repo rates have risen, the overnight repo rate just 1bps below the 7-day repo rate, the 7-day repo rate last up 3 bps at 2.20% from highs of 2.386%. Futures are lower as equity markets make decent gains. There has been focus on the outlook for China's policy following gradually firming rhetoric against the rise in commodity prices recently.
- INDONESIA: Yields mixed as markets await the Bank of Indonesia rate announcement. The meeting seems poised to be another non-event, with policymakers facing conflicting demands of their policy mandate. With inflation still subdued and the rupiah still vulnerable, the MPC will likely stand pat on the 7-day reverse repo rate. Elevated uncertainty around the local Covid-19 outbreak provides another reason for policymakers to hold fire this time, while green shoots in high-frequency economic recovery mean that they are in a position to wait and watch upcoming developments.