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Indian Bonds Supported By CPI Miss

ASIA RATES
  • INDIA: Yields lower in early trade after data late yesterday showed CPI grew at a slower-than-estimated pace. CPI rose at 6.26% Y/Y in June, below estimates of 6.59%, however this is still above the top end of the RBI's target band. Other data showed industrial production rose 29.3% in May, below estimates of 32%. As a reminder, RBI Governor Das said last week that recent higher inflation was 'transitory' and an early exit from pandemic stimulus may hurt the recovery.
  • SOUTH KOREA: Futures lower, the 10-year giving back some of yesterday's gain. There were some comments from Vice FinMin lee earlier who noted that volatility was rising in South Korean markets due to the latest wave of coronavirus, adding that the government would strengthen monitoring on markets and risk factors. South Korea reported 1,150 new cases in the past 24 hours, above 1,000 for the seventh day. South Korea set a record high for daily cases Saturday with 1,378. Tighter restrictions in Seoul and the surrounding areas were started on Monday, authorities have warned that daily cases could exceed 2,000 later this month amid a spike in the number of delta variant cases.
  • CHINA: Futures are higher in China, data showed the trade surplus widened more than expected as exports and imports both rose at a robust pace. The trade surplus widened to CNY 332.8bn, exports rose 20.2% while imports rose 24.2%, both above estimates. Markets now look ahead to GDP data later in the week.
  • INDONESIA: Yields lower across the curve. Indonesia declared another record-breaking increase in new Covid-19 infections, adding 40,427 new cases on Monday. The number of deaths rose by 891, amid shortages of oxygen and other critical supplies. Investment Min Luhut, who's in charge of Indonesia's emergency Covid-19 measures, said that the gov't expects situation in Java and Bali to improve within days, once additional supplies of oxygen arrive.
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