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Futures March Higher


Futures are higher in South Korea, bid as equity markets struggle to make it out of negative territory.10-year futures have been on a path higher after bottoming out around 125.50 mid-session yesterday. The contract last up 35 ticks at 126.01.

  • South Korea reported 478 daily new coronavirus cases on Tuesday, in the 400s for the second day amid sporadic cluster infections nationwide, with a potential resurgence looming amid loosened vigilance and increased spring travelers. The daily caseload had been hovering above 500 since Wednesday last week, before falling to 473 the previous day on fewer COVID-19 tests over the weekend. Authorities plan to announce social distancing guidelines that will be applied nationwide Friday but warned more enhanced virus curbs may be adopted as the country is highly likely to report more cases down the road.
  • Elsewhere, there are reports in Yonhap that PM Chung, a potential presidential candidate, is likely to offer his resignation as early as next week.
  • Robust inflows into South Korean bonds have continued, attributed to the attractiveness of the real yield available with core inflation remaining subdued.
  • Fig.1: South Korea Foreign Bond Inflows

Source: MNI/Bloomberg

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