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RBI Ops Watched Ahead Of Rate Announcement

ASIA RATES
  • INDIA: Yields higher, bonds under pressure again today due to higher crude prices; oil prices rose after the OPEC+ group stuck to the script and raised output by 400k bpd, despite speculation of an 800k bpd rise. Bonds declined on Monday, under pressure after data showed the trade deficit widened to an all-time high. Markets await the RBI's INR 2tn 7-day reserve repo operation today, the previous operation finished with a higher than expected yield cut off which stoked concerns around policy tightening from the RBI. Looking ahead PMI figures are due later today, though the main focus will be the RBI rate announcement on Friday.
  • SOUTH KOREA: Futures in South Korea coming under pressure following a move lower in US treasury's overnight, the move comes despite a broad risk off tone in South Korea with the KOSPI currently down ~1.8%. 3-Year contract is down 2 ticks at 109.22, 10-Year contract down 15 ticks at 123.84 – both contracts off session works. The MOF sold 30-Year debt earlier, the sale was taken down smoothly thanks to a ~23bps yield concession, bid/cover softened slightly, markets keep one eye on the BoK rate announcement next week. Elsewhere there were reports that the MOF is considering a euro-denominated green bond deal, this would be the first euro-denominated issue with other green issues in the region (from South Korea, Hong Kong and Indonesia) having been in dollars.
  • CHINA: Market closed for holiday.
  • INDONESIA: Yields mostly lower. Minister in charge of Covid-19 response Luhut Panjaitan announced another round of easing restrictions on activity. The Bali airport will start receiving direct foreign arrivals from Oct 14, joining Jakarta and Manado facilities. Furthermore, businesses including fitness centres and cinemas will be allowed to reopen, subject to capacity limits. Finally, the gov't will go ahead with a trial return to normal life in the city of Blitar, East Java, by next week. Looking ahead Indonesian consumer confidence data take focus this week, with both the official and Danareksa gauges coming up.
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