Dove Is In The Air

Futures mostly higher after a dovish set of FOMC minutes in the US, while the RBI hangover exerts its effects.

• INDIA: Bonds supported after the RBI rate announcement and introduction of a new debt purchase programme. Markets await details of the programme, the first round of purchases is scheduled for next week. Upside could be tempered by upcoming state bond sales.
• SOUTH KOREA: Futures are higher, climbing out of negative territory, yields lower across the curve, some bull flattening seen. South Korea reported 700 new coronavirus cases in the past 24 hours, the highest in three months amid rising concerns that the country's vaccination campaign may hit a snag due to safety concerns over AstraZeneca jabs
• CHINA: The PBOC refrained from injections again, the twenty third straight session. Overnight repo rate unconcerned, last at 1.7559%, around 0.5bps higher. Bond futures coming under pressure, with stocks moving into positive territory as the session wears on. Bloomberg calculations find foreign investors were net sellers of Chinese debt in March for the first time since early 2019.
• INDONESIA: Yields lower for the sixth straight day, President Jokowi announced his support for expanding BI's mandate to include bolstering the economy. The endorsement has seen critics claim the move risks the central bank's independence.