Futures Lower, Curve Steepens

Bond futures in South Korea are lower, giving back yesterday's gains. 10-Year contract last down 50 ticks at 126.50 as equity markets move higher. Cash space has seen the curve steepen, 10-year yield up 1.1bps at 1.994%, while 2-year yield falls 0.1bps to 0.919%.

• South Korea reported 384 daily new coronavirus cases, back below 400 due to fewer tests over the weekend, but health authorities warned of the continued emergence of cluster infections at religious facilities and workplaces. Meanwhile South Korea says Covax's AstraZeneca vaccine delivery, which was scheduled on March 31, will be delayed to the third week of April. The number of doses shipped will also be reduced to 432,000 – the remaining 258,000 will be delivered at a later data. Covax is said to have notified all participating countries of revised schedule and volume, citing difficulties in global vaccine supply situation
• Elsewhere, Kim Yo Jong, North Korean leader Kim Jong Un's sister, has condemned South Korean President Moon's recent remarks on missile test. She said it was unreasonable and shameless to claim that missile tests caused worry among the South Korean people, and that strengthening missile capabilities was part of North Korea's rights as a sovereign state.
• Exchange data showed foreigners bought a net $11.5m of South Korean equities yesterday, following net sales of $1.35bn last week. Foreign funds bought a net $297m of bonds yesterday, it has been 21 sessions since foreigners were net sellers.
• There is no economic data on the docket today, markets look ahead to business survey on Wednesday, with industrial production, trade data and PMI due on Thursday, rounding off the week with CPI data on Friday.