RBI Gov Das Says India Will Fight Virus Will All Available Tools

Several markets remain closed in the region, including South Korea and China. Coronavirus concerns continue to remain at the forefront in India.

• INDIA: Yields are lower in early trade after rising through the session yesterday. RBI Governor Das delivered a speech and laid out that the economic recovery was strong before the second wave of the virus, and emphasised that India will continue to fight the situation using all instruments available saying actions need to be swift and wide ranging. The Governor has been meeting with bankers and other lenders since last week to discuss the economic situation. Markets also await PMI Services figures. Focus remains on the coronavirus situation, with many experts now saying that things are likely to get worse before they get better.
• INDONESIA: Yields mostly higher across the curve. The finance ministry filled all of its IDR 10tn sukuk target at auction yesterday. GDP was below consensus, falling 0.96% Q/Q against an expected fall of 0.85%. The Y/Y figure fell 0.74%. Private consumption was the biggest drag, dropping 2.23% Y/Y.