Good Morning,
Market Roundup
- US Treasury yields rose, on the back of stronger-than-expected core inflation of +0.2% and durable goods orders growth of +2.8% for the month of January. Also, profit taking activities after the recent rally in US Treasuries also pushed the yields a tad higher on Thursday.
- Malaysian government bonds hovered at previous levels, amid active trading on Thursday, underpinned by the higher crude oil prices and Ringgit strengthening. USD/MYR closed lower at 3.5840, compared to 3.6055 a day ago.
- Thai govvies rallied amid increased concerns on the January exports contraction reported earlier. However, front end of the curve was pretty stable, as players anticipated that the central bank to keep the interest rate unchanged at 2.00%.
- Indonesia government bond market kept rallying as market players reacted to Yellen's dovish congressional testimony. On top of that, market believed that Indonesia inflation level is still at the low side. MoF announced that next Tuesday's bond auction target will be reduced by IDR 2T to IDR 10T, sparked more demand on all benchmark bonds on Thursday. Volume was huge amounting IDR 19.15 trillion.
- Asian credit market continued to see little positive buying flows on Thursday, despite some investors were waiting at the sidelines for the upcoming pipeline issuances. Market focus was on the Noble Group, after the company was allegedly overstating commodities value by at least $3.8 billion. Noble Jan’20 dipped from 106.09pts to 104.43pts.
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