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South Korea Futures Higher Despite BoK Hike

ASIA RATES
  • INDIA: Yields higher in early trade. The RBI will conduct the latest round of its GSAP 2.0 operation today, purchasing iNR 250bn from five lines; 7.59% 2026, 8.28% 2027, 7.59% 2029, 7.88% 2030 and 6.64% 2035 issues. Elsewhere FinMin Sitharaman said late yesterday that the government had taken measures to address inflationary pressures in food stemming from hoarding and supply shortages, officials said inflation was expected to remain in the RBI's 4%-6% target band. Markets also continue to digest comments from RBI Governor Das yesterday that the RBI would maintain its accommodative stance in order to support growth. Speaking to the Business Line newspaper Das said policymakers need to wait for economic recovery to take hold before changing their accommodative monetary policy stance.
  • SOUTH KOREA: Futures head into the close higher after an initial dip lower. The BoK hiked rates 25bps, becoming the first major central bank in Asia to hike post pandemic. The BoK were cautious though, saying that monpol was still accommodative and any further policy adjustment would be gradual and warned that futures moves would be predicated on coronavirus case numbers dropping. On the coronavirus front there were 1,882 new cases in the past 24 hours, down from 2,155 yesterday. The number of deaths hit the highest since the fourth wave of the pandemic began.
  • CHINA: The PBOC injected a net CNY 40bn of liquidity into the market via OMO's with 7-day reverse repos, the second consecutive day of injections, the Bank said yesterday that the injections are to ensure liquidity into month-end. As a reminder the PBOC injected a net CNY 100bn over five session at the end of June and CNY 40bn over two sessions at the end of July. Repo rates have inverted again, the overnight repo rate up 3.8bps at 2.2483%, 7-day repo rate down 26bps at 2.1902%, back below the PBOC's prevailing rate of 2.20%. Futures are lower, reversing yesterday's move higher even as the equity market rally fizzles and bourses drop.
  • INDONESIA: Yields mixed, short end seeing sharp rises, while the belly declines, long end yields slightly higher. Parliamentary hearings on 2022 state budget resume today, with Public Works & Housing Min Hadimuljono & Transport Min Sumadi set to attend. Moody's warned yesterday tht Indonesia was likely to miss its budget deficit targets. Separately, FinMin Indrawati will speak at Katadata's event on future economy. Markets continue to assess the BI's plans to extend bond purchases.
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