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Futures Higher, But Within Yesterday's Range

KOREA RATES

Futures higher in South Korea, 10-year gapping up at the open as the contract plays catch up with the move in US tsys. 10-year future last up 18 ticks at 125.48 but still within yesterday's range.

  • There is a CNBC piece doing the rounds where Deputy Prime Minister Hong Nam-ki said South Korea is looking to open up its economy and work on travel bubble. Hong also said the government plans to boost consumption and further stimulate the economy in the second half of this year.
  • There were reports earlier that the ruling democratic party have agreed on a supplementary budget amount of KRW 33tn, the proposal for which will be submitted on July 2. The amount is broadly in line with previous reports. As previously reported the budget will be financed by excess tax revenue and not debt issuance.
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