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EQUITIES

E-Minis Pull Lower

JGBS

Bland 5-Year Auction

IDR

Consumer Confidence Data Take Focus

JGBS AUCTION

The Japanese MOF sells Y2.0327tn 5-Year JGBs:

JGBS AUCTION

The Japanese MOF sells Y2.8069tn 6-Month Bills:

MYR

The ringgit has ignored local economic data, despite a miss in February industrial output. Spot USD/MYR last trades at MYR4.1355, 10 pips shy of neutral levels.

  • Malaysia's industrial output rose 1.5% Y/Y, building on January's 1.2% increase, although analysts expected it to expand by 1.8%. On a monthly basis, industrial production shrank 6.4%. Headline figure was supported by a healthy m'fing sub-index (+4.5% Y/Y), which offset softer mining (-6.0% Y/Y) & electricity (-5.8% Y/Y) components.
  • M'fing sales grew 6.4% Y/Y after rising 4.1% the prior month. The number of employees in the sector fell 2.2% Y/Y, while salaries & wages shrank 1.2% Y/Y.
  • The value of wholesale & retail sales fell 0.9% Y/Y, as retail trade registered a 2.1% decline.

Fig. 1: Malaysia Industrial Output Y/Y (%)

Source: MNI - Market News/Bloomberg