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Futures Gain


Futures higher in South Korea, 10-year up 45 ticks at 127.23, moving higher at the open and then moving in a range, while the move in the 3-year future is more muted, up 5 ticks at 110.06, due to the hawkish BoK last week. Risk assets under pressure in South Korea as coronavirus cases remain elevated; there were 1,252 new cases in the past 24 hours, meaning cases have been over 1,000 per day for two weeks. The latest figure was down from 1,454 on Sunday due to fewer tests over the weekend, but it marked an all-time high for a Monday amid the fourth wave of the pandemic. In response to a sharp hike in new cases in non-capital areas, health authorities tightened the virus curbs to limit gatherings of more than four people across the nation, which is effective for two weeks starting Monday. Markets await the results of a 5-year bond sale.

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