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Curve Bull Steepens As Market Plays Catch Up

INDIA

After an initial brief move higher Indian yields now lower across the curve, bull steepening evident.10-Year yield last down 1.7bps at 6.149%, 2-/30-Year spread widens 9bps.

  • India announced 103,558 new COVID-19 infections in the past 24 hours, a record increase. Because of this Maharashtra, which contains Mumbai, will impose restrictions from 2000IST on Monday. All non-essential services will be halted while private offices have been asked to work from home. The lockdown doesn't completely put a stop to the economy though, the manufacturing sector will continue as normal for now.
  • Elsewhere, Markit India March PMI Manufacturing fell to 55.4 from 57.5 previously, this denotes the lowest reading in seven months.

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