Market Roundup
- US Treasuries rose further, guided by decent Composite and Services PMI numbers shown on Tuesday, in conjunction with German bunds sell-off. Composite and Services PMI remained decent at 57.0 and 57.4 respectively in April, despite came off from prior readings of 59.2 and 59.2 garnered in previous month.
- Malaysia sovereign bonds closed mixed, amid better buying interest along the bellies of the curve. Elsewhere, we saw mild profit taking activities, particularly in the GII segment, possibly due to cautious stance heading toward MPC meeting scheduled this week.
- Thai bond market closed on Coronation Day.
- IDR government bond was on selling mode after economic growth data release, which pointed to an unexpected shrank in economic growth for a second straight quarter. Indonesia Q1 growth came in at 4.70%, lower than market consensus at 4.94%. Unlike the spot market, BI was not seen in the bond market. Finance Minister is going to hold investor call today to discuss government plan for the coming months. Trading volume improved to IDR10.73 trillion.
- Asian dollar credits moved in sideways within narrow range on Tuesday. We saw thin secondary trading interest, partially due to the anticipation of upcoming supplies from primary market in the near term.
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