Market
Roundup
- US Treasury yields inched up along the curve after posting gains about a week, due to some profit taking activities. Market sentiment remained pressured as players were cautious ahead of FOMC meeting, alongside with concerns of Crimea poll result over the weekend.
- MGS yield curve flattened due to profit taking activities along the shorter and medium tenor papers, as players took cautious move ahead of FOMC meeting next week. Trading volume moderated to RM1.7 billion, from RM4 billion in prior day. The newly issued 3-year MGS ended 1bp lower from 3.39% generated during auction.
- Thai government bond yields continued to fall along the curve, since Bank of Thailand rate cut decision during midweek. 7-year government bond yield declined notably by 6bps to close at 3.52% ahead of weekend.
- IDR denominated government bond market was muted, but all bond series moved positively ahead of closing, particularly after Joko Widodo (Jokowi) was officially announced to be president candidate for election this year. The strengthening was in line with stock market and rupiah exchange rate. Meantime, trading volume was relatively moderate with approximate to IDR8.86 trillion, lower than a day before of IDR10.27 trillion.
- Asian credit market was pressured by the soft economic releases in China ahead of weekend, as February retail sales recorded 11.8% YoY whilst industrial production reached 8.6% YoY, both were lower than economists’ estimate of 13.5% YoY and 9.5% YoY respectively. Aside, investors were seen reacted cautiously ahead of FOMC meeting next week.
Best Regards,
CIMB Fixed Income Research
Corporate Banking, Treasury and Markets
Tel: +603 2261 8888 | Fax: +603 2261 8705
www.cimb.com
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