MNI EUROPEAN MARKETS ANALYSIS: Prospects For BoJ July Rate Hike Diminishing

US TSYS: Tsys Futures Edge Lower, Fed Speak & Corp Earnings Later

• Treasury futures are lower today, with the front-end underperforming. The initial selling look to coincide with reports Biden was considering setting aside after more senior Democrats called for him to consider it, betting markets now show Kamala Harris as the likely nominee.
• TUU4 is -0-01⅞ at 102-16¼, while TYU4 is -0-05+at 111-01+.
• Tsys flows: Earlier there was a large block seller of 10,000 TYU4, DV01 650k, while in tsys option we have seen decent size buying of TYU4 puts.
• The cash treasury curve has bear-flattened today with the 2yr +1.4bps at 4.485%, while the 10yr is +0.4bp at 4.206%.
• The market slightly cooled on rate cut projections on Thursday with a chance of a July'24 cut at 4.5%, September also cooled to 95.5% from 100% a day earlier with the market pricing a total of 64bps of cuts into year-end
• The data calendar is light on today, there will be Fed speakers including Williams and Bostic while focus will largely be on corporate earnings.

US POLITICS: Calls For Biden To Step Aside Grow, Kamala Harris Now Favored To Lead Dems

Following recent headlines from the NYT around Biden potentially stepping aside his odds to lead the Democratic party to the next election have fallen 21pts to just 17% likelihood, while Kamala Harris's odds are up 13pt to 64%.

• President Biden is reportedly reconsidering his 2024 candidacy due to pressure from key Democrats and poor polling data, despite publicly insisting he will stay in the race. Close advisors and family urge him to remain, but some acknowledge a growing likelihood of his exit, potentially endorsing Vice President Kamala Harris. The situation remains delicate as Biden recovers from Covid, per the NYT (see this link).
• According to a CBS News/YouGov survey (see this link), Trump has widen his lead against Biden by 5 points, although this data was collected prior to these new headlines. The recent betting Odds at PredictIt show Trump down 2pts at 62% with Kamala Harris's now with the second highest odds, up 3pts to 30%, while Biden has dropped 20pts to just a 8 chance of winning the election.

Democratic Nominee % - PredictIt

$-BLOC STIR: Slightly Softer Across The $-Bloc

STIR markets within the $-bloc have softened slightly over the past week, with New Zealand outperforming.

• Year-end official rate expectations have softened by 5bps in New Zealand, 1-2bps in the US and Canada, and remain unchanged in Australia.
• December 2024 expectations and the cumulative easing across the $-bloc stand at: 4.74%, -59bps (FOMC); 4.14%, -61bps (BoC); 4.40%, -4bps from an expected terminal rate of 4.44% (RBA); and 4.83%, -67bps (RBNZ).

Figure 1: $-Bloc STIR (%)

Source: MNI – Market News / Bloomberg

JGBS: Cash Bond Bull-Flattener, Rtrs Poll Swings Further To No Change From BoJ In July

JGB futures are sitting flat compared to settlement levels after giving up gains initiated by today’s National CPI data.

• Outside of the previously outlined National CPI, there hasn't been much in the way of domestic data drivers to flag.
• (Straits Times) “Japan's government cut 2024's growth forecast on July 19 as consumption took a hit from rising import costs due to a weak yen."
• A Reuters poll indicates that 76% of economists (up from 61% in the previous poll) expect the BoJ to hold interest rates at the July meeting. Additionally, 59% believe the BoJ will taper monthly bond purchases to around 5 trillion yen as a first step. Economists are split on the timing of a rate hike, with 43% expecting it in October, 30% in September, and 24% in July.
• The cash JGB curve has bull-flattened, with yields flat to 3bps lower across benchmarks. The benchmark 10-year yield is 0.5bp lower at 1.037% versus the cycle high of 1.108%.
• Swap rates are flat to 2bps lower out to the 30-year and 1bp higher beyond. Swap spreads are mostly tighter.
• On Monday, the local calendar will see Tokyo Condominiums for Sale data alongside an Enhanced Liquidity Auction covering OTR 1-5-year JGBs.

JAPAN DATA: Inflation Data Close To Forecasts, May Not Be Enough To Shift July Tightening Expectations

Japan June National CPI was a touch below market expectations. The headline rose 2.8% y/y, versus 2.9% forecast (it was unchanged from the May outcome). The core ex fresh food measure rose 2.6%, versus 2.7% forecast and 2.5% prior. The measure which excludes ex fresh food and energy was 2.2%, as expected and a slight uptick from May's 2.1% read.

• The metric which excludes all food and energy was 1.9%y/y, versus 1.7% prior but this is still comfortably sub the pace seen earlier this year, late 2023.
• In m/m terms, we were positive for the headline and key core measures, with ex fresh food and energy at 0.3%m/m, versus 0.1% in May. The core measure excluding all food and energy was fat in m/m terms (albeit not seasonally adjusted). This follows several months of positive gains for this measure.
• By sub category, it was mixed. Food was a drag (-0.4% m/m), along with clothing, (-0.2%m/m) and entertainment (-0.9% m/m). Utilities +3.5%m/m and medical care (+0.6%m/m) was the main positives.
• In y/y terms, food (+3.6%), utilities (+7.5%) and entertainment (+5.6%) were the strongest contributors. Education remained negative y/y.
• Overall, the headline metrics have stabilized above 2% y/y, see the chart below (the core measure ex fresh food and energy is in white). Still, the data is arguably not hawkish enough to shift the BoJ hike debate around the July meeting. Market pricing was around 50% for a 10bps hike for the July meeting.
• Recent commentary has questioned whether a hike will take place (see this link from BBG), while our own policy team had this piece from earlier in the week.

Fig 1: Japan CPI Trends

Source: MNI - Market News/Bloomberg

AUSSIE BONDS: Dealing On A weak Note, Light Local Calendar Next Week

ACGBs (YM -2.0 & XM -5.0) are holding weaker but off Sydney session cheaps. With the domestic calendar light, the local market has drifted with cash US tsys, which are flat to 1bp cheaper. The US calendar is also light today.

• The latest round of ACGB Nov-27 supply saw firm pricing, the weighted average yield printing through prevailing mids and the cover ratio jumping to a robust 4.3929x. Notably, today’s auction cleared with a low number of successful bidders, indicating aggressive bids from those investors.
• The AOFM announced that a new 21 December 2035 Treasury Bond is planned to be issued via syndication in the week beginning 22 July 2024 (subject to market conditions). The issue size is expected to be around $10 billion.
• Cash ACGBs are 2-5bps cheaper, with the AU-US 10-year yield differential at +8bps.
• Swap rates are 1-3bps higher, with the 3s10s curve steeper.
• The bills strip is cheaper, with pricing -2 to -4.
• RBA-dated OIS pricing is 1-4bps firmer across meetings, with February 2025 leading. Terminal rate expectations sit at 4.44%.
• The local calendar is empty next week apart from Preliminary Judo Bank PMIs on Wednesday.

NZGBS: Strong Outperformance Versus $-Bloc Has Continued

Short-end NZGBs closed near the session's best levels, with the 2-year benchmark yield 1bp lower. The 10-year yield closed 3bps higher. The long end's underperformance likely reflected the ~1bp cheapening in cash US tsys during today’s Asia-Pac session and yesterday’s modest sell-off.

• Today's move has continued NZGB's strong performance since the RBNZ’s surprising bullish tilt on July 10. NZGB benchmark yields are 27-36bps lower than pre-RBNZ decision levels, with the 2/10 curve 10bps steeper.
• It also continued NZGB’s outperformance versus its $-bloc counterparts. The NZ-US 10-year yield differential has narrowed by 1bp today to +17bps, its tightest level since late 2022. This differential had oscillated between +20 and +80bps since late 2022.
• The NZ-AU 10-year yield differential closed 3bps tighter at +8bps, its lowest level since August 2022.
• The swaps curve twist-steepened, with rates 2bps lower to 3bp higher.
• RBNZ dated OIS pricing closed with 2025 meetings 4-10bps softer. A cumulative 67bps of easing is priced by year-end.
• Monday’s local calendar will see Trade Balance data.

NZ-AU RATES: NZ-AU 1Y3M Differential Hits Lowest Level Since Sep 2020

The NZ-AU 10-year yield differential closed 3bps tighter at +8bps, its lowest level since August 2022.

• The recent narrowing in the 10-year yield differential has been primarily driven by a narrowing in the NZ-AU 3-month swap rate 1-year forward (1Y3M) spread, which has narrowed more than 190bps since its cyclical high in mid-2023.
• Moreover, today’s level of -18bps for the NZ-AU 1Y3M leaves it at its lowest level since September 2020.
• The 1Y3M differential is a proxy for the expected relative policy path over the next 12 months.

Figure 1: NZ-AU 1Y3M Swap Differential

Source: MNI – Market News / Bloomberg

FOREX: USD Index Near Week Highs, NZD/USD Falters As NZ-US 2yr Spread Breaks Sub 0bps

The USD index has mostly been supported in the first part of Friday trade, although overall moves have been fairly modest. The index, above 1254, sits close to weekly highs (although is still sub pre US CPI levels from the prior week). NZD/USD has been the weakest performer, off around 0.3%.

• US front end yields have ticked higher today, last near 4.49% for the US 2yr Tsy. This has provided some support for the USD. The Fed's Daly spoke earlier, she acknowledged the improvement in inflation, but that we still have a way to go. Her comments were largely in line with other Fed speakers, there was no reaction from the market.
• US equity futures are modestly higher, but the regional backdrop has been softer, with tech related indices underperforming. Headlines are coming out around China's Third Plenum, with focus on boosting domestic demand, but details are light at this stage.
• NZD/USD last tracks sub 0.6030. the NZ-US 2yr swap spread is now sub 0bps, fresh multi year lows. The NZ 2yr swap has maintained a fairly step downtrend, last sub 4.23%. The earlier bounce in the week due to stickier domestic inflation pressures proved to be fleeting. At the margins, NZD/USD is the worst performer in the G10 FX space this past week (down nearly 1.5%).
• Such trends have also aided a further move higher in the AUD/NZD cross, which is up above 1.1100 although still sub recent highs. AUD/USD has seen some support sub 0.6700.
• USD/JPY dipped sub 157.10 in early trade but had no follow through. We last track near 157.45, little changed for the session. June National CPI was a touch below expectations, not adding anything to the June rate hike case. 76% of economists surveyed by RTRS expects a steady rate hand at the meeting.
• Looking ahead, we have UK retail sales, followed by more Fed speak later on.

NZD: NZD/USD To Multi Month Lows, NZ-US 2yr Spread Back Sub 0bps

NZD/USD has hit fresh lows back to the first half of May, last just under 0.6030. 0.6000 is the next round figure point, while earlier May lows printed sub 0.5900. All the key EMAs remain clustered higher, between 0.6080/90.

• NZD/USD is being weighed by firmer USD trends elsewhere, although note the Kiwi is the weakest link in terms of the G10 FX backdrop (NOK is off by close to the same amount0.
• NZ-US 2yr swap spreads, are now back sub 0bps, see the chart below. This spread is now back to 2020 levels, first time sub 0bps over this period. Front end US yields have been firmer in early Friday dealings.
• The AUD/NZD cross is also trending higher, last back above 1.1115. Recent highs in the cross came in at 1.1152. This is likely weighing on NZD as well.

Fig 1: NZD/USD Versus 2yr NZ-US Swap Spread

Source: MNI - Market News/Bloomberg

ASIA STOCKS: China & HK Stocks Mixed As Onshore Equities Find Support

Chinese and Hong Kong equity markets are mixed today, with investors disappointed around the lack of updates that came from the Third Plenum. The update that came late Thursday, emphasized "high-quality development" but lacked detailed measures to boost demand or address the property slump, with investors now awaiting more details expected to be released in the coming weeks. Some of China's major equity benchmarks are trading higher today, while Chinese stocks listed in HK sell-off, leading to speculation that the National Team is in the market which ties in with earlier reports from Bloomberg that the China National team has been active over the past month in supporting the market.

• Hong Kong equities are lower today, with property the worst performing after a lack of any policy update from the Third Plenum to support the troubled sector, the Mainland Property Index is down 3.65%, while the HS Property Index is down 3.10%. The HSTech Index is down 1.70%, while the wider HSI is down 2%.
• China major equity benchmarks are higher today which could be due to the National team stepping in to support the markets. The CSI 300 up 0.10%, CSI 1000 up 0.36%, CSI 2000 up 85% and the ChiNext is 0.40% higher.
• In the property space, Sino-Ocean Group announced that about half of its Class A debt lenders support a debt-management proposal involving $5.6 billion of existing debt. However, an ad-hoc group of creditors strongly opposes the proposal, citing concerns over transparency and calling for better terms, while the company also faces a potential liquidation hearing set for September 11.
• On Monday we have China 1yr & 5yr LPR rates which are expected to be left unchanged and in Hong Kong CPI Composite.

ASIA PAC EQUITIES: Equities Lower As Concerns Linger Around US Trade Restrictions

Asian markets are lower today, the moves are a continuations from a decline in US equities overnight and persistent concerns about economic weakness, while the market is also disappointing in a lack of any real policy announcement out of the Third Plenum. The MSCI is on track for its largest fall in almost three months, local Asian currencies have all fallen verses the USD. Chip stocks continue the recent sell off as concern lingers around the US imposing fresh restrictions on companies selling products to China. TSMC earnings beat estimates, although has fallen for a third straight day.

• Japanese equities are mixed early, with tech stocks showing some signs of a rebound while cyclical stocks slide on soft US jobs data. Disco corp fell over 4% after 1Q operating income loss, the company manufacture products used in the process of making semiconductor and other electronic products, which contributed the most to the 0.50% fall in the Topix. Tokyo Electron which posted it's largest two day drop since 2015 has rebounded 2.20% this morning, although the Nikkei 225 is trading 0.30% lower. Earlier, Japan June National CPI was a touch below market expectations with headline rising 2.8% y/y, vs 2.9% est, the market is now pricing in a 40% chance of a hike on July 30th, down from 50% chance on Thursday.
• South Korean equities are lower this morning, the KRW is on track for its biggest weekly drop in more than a month as foreigner investors continue to dump local stocks. The sell-off in stocks is largely due to comments from Biden Administration around tougher trade restrictions on companies that use any US technology in products they sell to China. The Kospi is 1.44% lower, while the small-cap Kosdaq is trading 0.25% higher implying the losses are constrained to the larger tech names such as Samsung (-2.75%) and Sk Hynix (-1.40%).
• Taiwan equities are lower today, with TSMC down 2.39% despite strong second-quarter results and an increased full-year revenue forecast and is now on track for the third consecutive day. Foreign investors have been dumping local stocks at the fastest rate this year, this has also impacted the TWD which is about 0.45% lower today. The Taiex is currently down 1.80%.
• Australian equities are lower today with miners the worst performing sector, with the ASX 200 trading 1% lower. Banking watchdog APRA has agreed to reduce the amount of capital Westpac must hold in reserve by $500 million in response to the lender's improved risk management, per ABC. New Zealand Equities are 0.60% lower.
• In EM Asian markets, Indonesian equities are 0.70% lower, Singapore equities are 0.80% lower while Malaysian equities are 0.20% higher and Philippines equities are 1.40% higher.

JAPAN DATA: Offshore Investors Continue Local Stock Purchases, Return To Local Bond Market

Weekly offshore investment flows showed mixed trends up to the week ending July 12. Offshore investors continued to purchase local stocks, albeit at a reduced pace compared to the prior week, see the table below. The general trend around offshore appetite for local stocks has remained firmly positive going back to the start of April. Offshore investors also returned to local bonds last week. This ended a run of 4 week's of consecutive outflow from offshore investors in this space.

• In terms of Japan outbound flows, local investors were sellers of offshore equities for the third straight week, albeit at a reduced pace.
• Local investors sold offshore bonds as well, largely offsetting last week's inflows. The trend for local investors has been to sell offshore bonds in recent months.

Table 1: Japan Weekly Investment Flows

Source: MNI - Market News/Bloomberg

ASIA EQUITY FLOWS: Foreign Investors Dump Taiwan Equities As Geopol Risks Increase

• South Korea: South Korean equities saw outflows of $193m yesterday, contributing to a net outflow of $638m over the past five trading days. South Korean equities have fared better than Taiwan's although have been dragged down with the wider sell-off in the tech space after the Biden Administration said they'd considered tougher trade restrictions on companies providing AI and semiconductor tech to China. The 5-day average outflow is $128m, significantly lower than the 20-day average inflow of $113m and the 100-day average inflow of $118m. Year-to-date, South Korea has experienced substantial inflows totaling $19.213b.
• Taiwan: Foreign investors continue to heavily sell Taiwanese equities with a significant outflow of $1.788b yesterday, this has resulted in a net outflow of $4.601b over the past five trading days. These large outflows are linked to Trump announcing that they should pay for US protection from China, with those comments cast doubts over whether the US would protect Taiwan, he also mentioned that Taiwan had taken all of the American semiconductor industry, with the market viewing this as growing concern he would impose tariffs or trade restrictions on them if he get in power. The 5-day average outflow is $920m, considerably lower than the 20-day average outflow of $400m and the 100-day average outflow of $50m. The heavy selling over the past week and seen all yearly inflows erased and now sits at a ytd outflow of $943m.
• India: Indian equities saw inflows of $199m yesterday, contributing to a net inflow of $1.544b over the past five trading days. Foreign investors have been strong buyers of Indian equities post the Indian Election in early June, with just two days of outflows. The 5-day average inflow is $309m, higher than the 20-day average inflow of $303m but below the 100-day average outflow of $41m. Year-to-date, India has experienced inflows totaling $3.243b.
• Indonesia: Indonesian equities recorded inflows of $72m yesterday, resulting in a net inflow of $118m over the past five trading days. This was the largest inflow since June 13th. The 5-day average outflow is $24m, below the 20-day average inflow of $20m and the 100-day average outflow of $8m. Year-to-date, Indonesia has experienced outflows totaling $127m.
• Thailand: Thai equities saw inflows of $36m yesterday, contributing to a net inflow of $41m over the past five trading days. The Thai SET is one of the worst performing equity markets in the region this year, as CPI crashed from a high of 8% in mid 2022 to -1% earlier this year, the Government have been calling for interest rate cuts although the BoT has held steady with more members voting to keep rates on hold than prior in June. The 5-day average inflow is $8m, better than the 20-day average outflow of $17m and the 100-day average outflow of $24m. Year-to-date, Thailand has seen significant outflows amounting to $3.299b.
• Malaysia: Malaysian equities experienced inflows of $5m yesterday, contributing to a 5-day net inflow of $139m. We have now since 14 straight session on inflows into the region, while the Malay Bursa KLCI Index hit multi-year highs. The 5-day average inflow is $28m, higher than the 20-day average inflow of $10m and the 100-day average outflow of $2m. Year-to-date, Malaysia has experienced inflows totaling $152m.
• Philippines: Philippine equities saw inflows of $7m yesterday, with a 5-day net inflow of $27.7m. Flows in the region have been muted recently with no real trend emerging. The 5-day average inflow is $6m, better than the 20-day average inflow of $0m and the 100-day average outflow of $7m. Year-to-date, the Philippines has seen outflows totaling $495m.

Table 1: EM Asia Equity Flows

OIL: Range Bound, As Demand/Supply News Flows Offsets

Oil prices are a little lower in the first part of Friday dealing. Brent front month contracts sit near $84.75/bbl, off around 0.40%. Earlier lows were just under $84.50/bbl. At this stage, Brent is tracking 0.30% lower for the week. WTI front month was last $82.35/bbl, off 0.60% at this stage, but still slightly above end levels last Friday.

• Broader trends in oil remain within recent ranges. For Brent we are close to the key EMAs, with the 200-day just under $84/bbl. Earlier lows this week came in at $83.30/bbl. July 12 highs rest at $86.35/bbl.
• Earlier moves in oil reflected a firmer USD backdrop, although we have moved away from best levels. This is keeping a cap on upside momentum, while prospects of easier Fed policy, coupled with signs of tighter supply earlier this week (after the EIA reported an unexpected crude draw) is keep dips supported.
• The other focus points for markets is the Third Plenum on China, where headlines point to efforts to boost domestic demand, but details remain light at this stage.
• Finally, wildfires in Canada are being watched as a possible supply threat (see this BBG link).

GOLD: Pullback After Hitting Fresh All-Time High Earlier This Week

Gold is 0.7% lower in today’s Asia-Pac session, after closing 0.6% lower at $2445.08 on Thursday.

• Recent weakness comes after bullion hit a fresh all-time high of $2483.73 earlier this week.
• A recent slowdown in seasonal demand for physical gold may weigh on prices if current interest from tactical investors and exchange-traded product inflows are not sustained, according to Standard Chartered Plc analyst Suki Cooper. “We remain cautious of a softer floor in the coming weeks,” she wrote in a note. (as per BBG)
• Gold remains up nearly 20% since the start of the year, with much of the gains fueled by large purchases from central banks, strong consumer appetite in China and demand for haven assets amid geopolitical tensions.
• According to MNI’s technicals team, the trend condition in gold remains bullish and the breach of key resistance at $2,450.1, the May 20 high, opens the $2500.00 handle next.

ASIA FX: USD/Asia Pairs Higher Amid Equity Losses, US Yield Uptick, USD/TWD Back To 2016 Levels

USD/Asia pairs are seeing gains across the board, albeit with varying degrees of beta. Broader USD sentiment is firmer, as the BBDXY index ticks higher. Regional equity losses are evident, a USD support point, while US yields have ticked higher, led by the front end (+1.5bps). The Fed's Daly spoke earlier, she acknowledged the improvement in inflation, but that we still have a way to go. Her comments were largely in line with other Fed speakers, there was no reaction from the market.

• USD/CNH is drifting higher, last above 7.2830, recent highs above 7.2900 remain intact for now. The USD/CNY fixing was set above 7.1300 earlier, but remained sub recent highs. The equity backdrop is modestly softer while the market is awaiting Third Plenum details. So far there have been high level headlines, which haven't shifted market sentiment. Focus is on injecting momentum into economic growth, although the market will want to see details on how this will be achieved.
• Spot USD/KRW is gravitating higher, last near 1387. Early July highs printed near 1392. Equity weakness is weighing on the won, the Kospi down over 1%, as tech headwinds (trade protectionism from the US a major driver) drive outflows from both South Korean and Taiwan equities.
• Spot USD/TWD has surged to 32.76, +0.45% weaker in TWD terms. This is fresh highs in the pair going back to 2016, with 33.00 the next logical upside target. Weekly outflows from Taiwan stocks sit close to -$3.3bn to the end of Thursday. The Taiex has lost nearly 6% from earlier July highs.
• USD/IDR is back close to 16200, losing 0.25% in IDR terms so far today. Higher risk aversion will be weighing on the rupiah (5yr onshore CDS is ticking higher). This puts us back just above the 50-day EMA, while the 20-day is at 16233. A move above this level would end the recent downtrend in USD/IDR.
• USD/THB is holding close to session highs, above 36.20, off more than 0.7% in baht terms. Losses elsewhere are more modest.

CHINA RATES: Liquidity Injection Continues, Bond Yields Steady As Market Awaits Plenum Details

Chinese News Agency Xinhua released the Central Committee’s communique Thursday noting the adoption of a resolution on “further comprehensively deepening reform and advancing Chinese modernization.”

• Xi has repeated his push for self-sufficiency in science and technology amid further tensions with the U.S and an uncertain outcome in the White House. The communique noted it is necessary to “better maintain market order” while stimulating “innovative vitality.” Prioritizing “high quality development” including efforts to update China’s supply chain were noted while stressing the need to “prevent and resolve risks” in the economy stemming from the real estate sector, local government debt and medium size financial institutions that are debt ridden.
• This is the first output from the plenum, and we await a more detailed document providing detail on policy. There will be plenty of headlines in the coming days. What is key to watch from a financial markets point of view will be impacts on the process of opening up and liberalization of China’s financial system.
• The PBOC injected CNY57bn via 7 day reverse repo at 1.8% this morning further supporting liquidity in the system
• Bonds relative unchanged to 0.5bps higher across the curve: 2yr 1.62% 5 yr 2.26% 30 yr 2.47%.

ASIA SOVS: Asia Sovs Steady, Philippines BoP Swings To Deficit

Asia sovereigns are relatively stable today, largely tracking moves in US Tsys. The PHILIP curve is slightly underperforming after the Philippines June BoP swung to a deficit of $155m, from a $1.997b surplus in May.

• There has been some selling in the PHILIP 5-7yr tenors post the BoP numbers being released while the INDON curve has bear-steepened with the 10y +3bps at 5.01%
• This week, the BI kept its policy rate unchanged at 6.25% to stabilize the rupiah and attract foreign inflows, signaling potential for future cuts but with a cautious stance due to global economic uncertainties and the country's fiscal risks. Indonesia saw $118m of inflows into local stocks from foreign investors over the past week, far outpacing the Philippines who saw just 28m.
• Cross-asset: Asian currencies are lower verses the USD today, with the IDR falling 0.22%, while the PHP is 0.15% lower, equities are mixed with the JCI down 0.75% with some investors taking profits after rallying almost 10%, while the PSEi continues its march higher and trades up 1.37% and now trades 10.37% higher from cycle lows.
• The coming week will be very light on for any economic data - Philippines have a 20y bond auction on Tuesday.