Market Roundup
- US Treasuries recovered losses, due to short covering while also reacting to the declines in stock market. Elsewhere, initial jobless claims were pretty much in line with market expectation at 270k for the week ended Aug 1.
- Ringgit govvies further weakened amid jittery sentiment, particularly along the upward trend of USD/MYR, which finished above 3.9100 on Thursday. Meanwhile, numbers from domestic FX reserves and US NFP report will be the key determinants for market direction next week.
- Thai government bond yield curve shifted marginally higher, tracking the losses in overnight UST. Aside, market was quiet, as daily volume dipped further from Bt18.7 billion to Bt12.7 billion.
- Indonesia government Bond market traded sideways on Thursday with better buying on mid to short end tenors. We are seeing people cautious as IDR spot under pressure again. However, we still believe that market will shorten duration due to low expected inflation. Volume was relatively big amounting IDR 17.4 trillion albeit much smaller than prior day.
- Asian credits hovered near prior levels amid quiet market, while the IG segment continued to see support, driving the spread tighter by up to 2bps in general. iTraxx ex-Japan IG Index ended 0.5bp tighter at 112.50bps.
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