Market Roundup
- US Treasury yields fell substantially by 3-9bps across the curve, guided by the lower-than-expected gain in employment cost index, which recorded +0.2% in second quarter of the year, against +0.6% projected earlier. On top of that, the crude oil slump also weighed on the UST yields, as the Brent crude oil fell by about 18% during the month of July.
- Ringgit govvies was under heavy selling pressure heading toward weekend, driven by the higher USD/MYR, which surpassed 3.8300 late Friday. Meantime, trading volume was heavy and amounted to RM5.3 billion.
- Thai govvies ended pretty much unchanged on Friday, after market reopened post Asarnha Bucha Day holiday a day prior. Highlight was on LB196A and LB206A, which contributed combined volume totalling Bt8.5 billion throughout the day.
- Indonesia government bond closed mixed on Friday amid weakening IDR and short supply in the market. We expect price to continue to be under pressure ahead of Tuesday auction. Elsewhere, trading volume was flat amounting IDR9 trillion.
- Asian dollar credits suffered losses, amid lacklustre buying interest by end of the month. Aside, Malaysia CDS widened by about 6bps to 149bps alongside the weakening MYR on Friday.
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