US-CHINA: China Has Full Confidence In Ability To Handle Trade Conflict

With further tariff headlines spooking markets, data shows that the ongoing outflows from Asia equities continue. 

• South Korea: Recorded outflows of -$483m as of yesterday, bringing the 5-day total to -$4,987m. 2025 to date flows are -$10,565, m. The 5-day average is -$997m, the 20-day average is -$260m and the 100-day average of -$154m.
• Taiwan: Had outflows of -$887m as of yesterday, with total outflows of -$411m over the past 5 days. YTD flows are negative at -$17,843. The 5-day average is -$82m, the 20-day average of -$397m and the 100-day average of -$243m.
• India: Had outflows of -$1,041m as of 7th, with total outflows of -$2,617m over the past 5 days.  YTD flows are negative -$15,414m.  The 5-day average is -$523m, the 20-day average of -$24m and the 100-day average of -$151m.
• Indonesia: Had outflows of -$228m as yesterday, with total inflows of -$32m over the prior five days.  YTD flows are negative -$2,058m.  The 5-day average is -$6m, the 20-day average -$36m and the 100-day average -$35m
• Thailand: Recorded outflows of -$71m yesterday, totaling -$230m over the past 5 days. YTD flows are negative at -$1,402m. The 5-day average is -$46m, the 20-day average of -$32m the 100-day average of -$19m.
• Malaysia: Recorded outflows of -$89m as of yesterday, totaling -$422m over the past 5 days. YTD flows are negative at -$2,664m. The 5-day average is -$84m, the 20-day average of -$67m the 100-day average of -$39m.
• Philippines: Saw outflows of -$7m as of yesterday, with net outflows of -$83m over the past 5 days. YTD flows are negative at -$292m. The 5-day average is -$17m, the 20-day average of -$3m the 100-day average of -$6m.

• As equities head lower again today, bond futures are up across all maturities.
• The 10YR bond future is up +.13 at 109.07 as it trades further away from the nearest moving average; the merged 20-day and 50-day EMA of 108.18.
• The 2YR bond future is up+0.03 at 102.63, as it breaks back above all major moving averages with today’s move.  Its nearest moving average is the 100-day EMA at 102.60.
• China’s 10YR government bond  yield is declining further, down -2bps at 1.64%

• AUD/USD - 650m at 0.5975, 280m between 0.6050/55 Exp 09 April, 270m 0.5985, 120m 0.6000 Exp 10 April
• USD/JPY - 900m between 143.00 - 144.00, 400m at 145.00, 400m at 146.00, 1.3b 146.50 - 147.00 Exp 09 April, 
• NZD/USD - 300m at 0.5475, 474m at 0.5605, Exp 10 April

USD/JPY 1 week expiry report

Source: MNI - Market News/Bloomberg