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Remains Firm Inside Its Bear Channel


(M2) Consolidation Mode


Coiling In Asia


(M2) Key Support Remains Intact


RBNZ Continues To Lead G10 Hawkish Charge


Mixed Performances On Divergent Drivers

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Yields higher and futures lower throughout Asia EM.

  • INDIA: Yields higher in early trade. Participants look ahead to today's INR 260bn auction, the sale could struggle on fears that India could have to increase borrowing again this year due to the pandemic. The Finance Minister Sitharaman is expected to speak today after a meeting with the goods and services tax panel, markets will hope there are some hints as to borrowing requirements. The meeting is scheduled at 0630BST/1100IST with no scheduled time for comments.
  • SOUTH KOREA: Futures lower, dropping at the open and moving in a narrow range. President Moon said Thursday that South Korea needs to maintain expansionary fiscal policy for the time being despite a hike in national debts attributable to the response to COVID-19. He emphasized that the role of state budget spending is important amid the crisis, speaking at the outset of an annual meeting on fiscal strategy.
  • CHINA: The PBOC matched maturities with injections, the overnight and 7-day repo rate rose, the latter at 2.2746% is higher than the PBOC's 2.20% rate, both rates still below this week's high. Futures are lower, 10-year down around 16 ticks. The US Senate advanced legislation aimed at countering increasing Chinese competitiveness. The bill cleared the first set of procedural hurdles as Senate Majority Leader Schumer and Republicans struck a deal to make some additions. The legislation would increase domestic funding in critical industries such as semiconductors, and expand research initiatives, there is still some way to go before the bill is passed.
  • INDONESIA: Yields higher across the curve, markets focusing on yesterday's announcements of PPKM movement restrictions in a bid to stem the spread of coronavirus. The measures will be in place for two weeks starting from June 1. Yesterday's new case number was the highest since May 7.

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