Issuance Plan Eyed

Futures are lower amid positive sentiment in the region. 10-year future 14 ticks lower at 125.96, the contract sits just above yesterday's low of 125.89 which was also challenged but held on March 30.

• Data released earlier showed the trade surplus widened slightly less then expected, but printed a robust $4.175bn, exports rose 16.6%, in line with estimates, while imports rose 18.8% against expectations of a 19.1% rise. The jump in exports is the most since 2018, chips and automobiles continue to lead the export rally.
• South Korea Markit PMI Manufacturing was also released, the print was in line with the previous at 55.3. Commenting on the latest survey results, Usamah Bhatti, Economist at IHS Markit, said: "South Korean manufacturers continued to report a sustained improvement in operating conditions in March, continuing the trend seen throughout the first quarter of 2021."
• Markets await the release of the April issuance plan, slated for 0900BST/1700KST, the plan will be scrutinised for signs of how the BoK intends to support the bond market and shape the yield curve. The BoK has already said it will reduce issuance of monetary stabilisation bonds (MSB's) in the short end by 50%. The bank has previously said it would take measures to address inversion in the long end of the yield curve.