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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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ASIA RATES

INDIA: Yields higher in early trade. Markets await today's INR 320bn bond sale with the auction bought forward due to tomorrow's RBI rate announcement. Activity could be subdued today as traders anticipate additional liquidity measures will be announced by the central bank tomorrow.

SOUTH KOREA: Futures head into the close 17 ticks higher but off best levels having gapped higher at the open. Government ministries and state agencies have requested a 6.3% hike in their budgets for next year as they seek to cope with post-pandemic economic recovery and implement key policy projects, said the MOF. Their budget proposals amount to a combined KRW 593., up KRW 35.2tn from the previous year. The MOF said it plans to maintain an expansionary fiscal policy next year to underpin an economic recovery from the pandemic, but it will also seek to enhance fiscal soundness amid mounting national debt.

CHINA: Repo rates fell on reports that the PBOC would inject additional liquidity in June. The PBOC matched maturities with injections today but operations will be closely watched in the coming weeks. Futures are flat. May Caixin services PMI printed 55.1 from 56.3 previously, composite PMI fell to 53.8 from 54.7. There were reports that US President Biden is planning on amending a US investment ban on companies linked to China's military.

INDONESIA: Yields mixed across the curve, markets digest comments from the finance ministry earlier this week where it confirmed intentions to narrow the budget deficit to less than 3% of gross domestic product by 2023 despite the fiscal uncertainty engendered by the pandemic.

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