MALAYSIA: Country Wrap: BNM Not Supporting the Currency
Jul-02 05:24
* Alibaba Group Holding Ltd. is adding new data centers in Malaysia and the Philippines in pursuit...
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LOOK AHEAD: UK Timeline of Key Events (Times BST)
Jun-02 05:23
| Date | UK | Period | Event |
| 02-Jun | 0930 | Apr | BOE Lending / M4 |
| 02-Jun | 0930 | May | S&P Global Manufacturing PMI (Final) |
| 02-Jun | 1500 | --- | BOE's Mann fireside chat at Fed's Conference |
| 02-Jun | 1800 | --- | BOE Greene Fireside Chat |
| 03-Jun | 1015 | --- | BOE Bailey, Breeden, Dhingra, Mann At TSC |
| 04-Jun | 0930 | May | S&P Global Services/Composite PMI (Final) |
| 05-Jun | 0845 | --- | BOE's Greene Opening Remarks at Econdat Conference |
| 05-Jun | 0930 | May | BOE Decision Maker Panel data |
| 05-Jun | 0930 | May | S&P Global/CIPS Construction PMI |
| 07-Jun | 1040 | --- | BOE Greene On Central Bank Decoupling Panel |
| 10-Jun | 0001 | May | BRC-KPMG Shop Sales Monitor |
| 10-Jun | 0700 | Apr / May | Labour Market Survey |
| 11-Jun | 0730 | --- | BOE Saporta On Approaches To QT |
| 11-Jun | 1230 | --- | Chancellor Reeves presents Spending Review to Parliament |
INDONESIA: Inflation Lower Than Expected, Keeps Rate Cut Option Open
Jun-02 05:22
May headline inflation was lower than expected printing at 1.6% y/y down from 1.95% as fresh food prices fell substantially (-1.2% y/y). Core also eased coming in at 2.4% y/y from 2.5%, the lowest since January. Bank Indonesia cut rates 25bp in May and with inflation well contained within its target corridor as well as possibly moderating may allow it to ease policy further if the rupiah strengthens.
- USDIDR is slightly higher today at 16305 but has fallen 0.6% since the May 21 decision, although against its trading partners the rupiah is a bit lower. The next announcement is on June 18.
- Water rates, gold jewellery, cooking oil, rice and cigarettes put downward pressure on annual inflation.
Indonesia CPI y/y%
Source: MNI - Market News/LSEG
JGBS: Futures Weaker, 10Y Supply & BoJ Ueda Speech Tomorrow
Jun-02 05:21
JGB futures are holding weaker, -15 compared to the settlement levels, hovering near Tokyo session lows. Geopolitical headlines have been in focus.
- "Ukraine attacked Russian airbases with drones, destroying 40 bomber planes, according to the BBC. It appears in response to larger Russian attacks on Ukraine recently, including Kyiv. Talks are due to start Monday." (BBG)
- " Japan's bond market faces challenges with debt sales on Tuesday and Thursday, which may pressure the government to adjust its borrowing plans and calm investor nerves. The finance ministry and BoJ Governor Kazuo Ueda are considering actions to address the issue, including reducing bond issuance and monitoring the impact of rising yields on debt with shorter maturity." – BBG
- Cash US tsys have bear-steepened, with yields 1-3bps higher, in today's Asia-Pac session. Monday's US calendar sees ISM Manufacturing data and an appearance by Fed Chair Powell, with the June employment report looming at the end of next week.
- Cash JGBs are 1bp richer to 2bps cheaper across benchmarks, with the 5-7-year zone underperforming and the 30-40-year outperforming.
- Swap rates are 2-3bps higher. Swap spreads are wider.
- Tomorrow, the local calendar will see Monetary Base data alongside 10-year supply and a speech by BoJ Ueda.
