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Richer With Global Bonds, Quiet Day For News and Data Flow

ASIA RATES
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On a day marked by relatively subdued news and data flow, Asian government bonds are experiencing gains. This trend aligns with the broader strengthening observed in global bond markets over the past 24 hours.

  • US tsys exhibited strong performance overnight, a trend that has carried over into today's Asia-Pacific session. Cash US tsy yields are 1-2bps lower across benchmarks today, following yesterday's 5-9bps richening.
  • China Government Bonds are dealing 1-2bps richer across the curve.
  • China should use coordinated policy incentives, including proactive fiscal and prudent monetary policies along with sound employment and industrial support to bolster its economic recovery, according to a commentary published by the official Economic Daily.
  • The South Korean Sovereign Bonds are also richer by 3-6bps, with the 1-year underperforming. Spot USD/KRW is back to 1373, as the rebound continues.
  • Long USD positions may be undergoing trimming following the recent increase in verbal FX rhetoric. Additionally, local equities are showing significant gains, contrary to the negative cues from US markets.
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On a day marked by relatively subdued news and data flow, Asian government bonds are experiencing gains. This trend aligns with the broader strengthening observed in global bond markets over the past 24 hours.

  • US tsys exhibited strong performance overnight, a trend that has carried over into today's Asia-Pacific session. Cash US tsy yields are 1-2bps lower across benchmarks today, following yesterday's 5-9bps richening.
  • China Government Bonds are dealing 1-2bps richer across the curve.
  • China should use coordinated policy incentives, including proactive fiscal and prudent monetary policies along with sound employment and industrial support to bolster its economic recovery, according to a commentary published by the official Economic Daily.
  • The South Korean Sovereign Bonds are also richer by 3-6bps, with the 1-year underperforming. Spot USD/KRW is back to 1373, as the rebound continues.
  • Long USD positions may be undergoing trimming following the recent increase in verbal FX rhetoric. Additionally, local equities are showing significant gains, contrary to the negative cues from US markets.