ASIA STOCKS: India Inflows Continue as Taiwan Exit Resumes
Mar-28 01:45
With tariff headlines challenging markets, a trade delegation quietly arrives in India during a period of strong inflows into Indian stocks. Taiwan enjoyed a short respite in flows, only for that to turn significantly negative again with moderate inflows into Indonesia continuing.
- South Korea: Recorded inflows of +$45m yesterday, bringing the 5-day total to +$899m. 2025 to date flows are -$3,582m. The 5-day average is +$180m, the 20-day average is -$57m and the 100-day average of -$91m.
- Taiwan: Had outflows of -$1,281m yesterday, with total outflows of -$2,107m over the past 5 days. YTD flows are negative at -$16,405. The 5-day average is -$421m, the 20-day average of -$617m and the 100-day average of -$239m.
- India: Saw inflows of +$286m as of the 26th, with a total inflow of +$2,653m over the previous 5 days. YTD outflows stand at -$13,743m. The 5-day average is +$531m, the 20-day average of -$77m and the 100-day average of -$155m.
- Indonesia: Posted inflows of +$38m yesterday, bringing the 5-day total to +$54m. YTD flows are negative at -$1,830m. The 5-day average is +$11m, the 20-day average is -$33m the 100-day average of -$34m.
- Thailand: Recorded inflows of +$35m yesterday, totaling -$41m over the past 5 days. YTD flows are negative at -$1,062m. The 5-day average is -$8m, the 20-day average of -$34m the 100-day average of -$18m.
- Malaysia: Experienced outflows of -$13m yesterday, contributing to a 5-day outflow of -$247m. YTD flows stand at -$2,155m. The 5-day average is -$49m, the 20-day average of -$56m the 100-day average of -$36m.
- Philippines: Saw outflows of -$3m yesterday, with net outflows of -$17m over the past 5 days. YTD flows are negative at -$215m. The 5-day average is -$3m, the 20-day average of -$1m the 100-day average of -$7m.
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CHINA: Central Bank Injects Liquidity via OMO.
Feb-26 01:36
- The PBOC issued CNY548.7bn of 7-day reverse repo at 1.50% in this morning’s operations.
- Today’s maturities CNY538.9bn.
- Net liquidity injection CNY9.8bn.
- The PBOC controls and maintains liquidity in the interbank market via the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted Average Index is at 1.688% from yesterday’s close of 2.21%.
- China’s O/N Interbank repo rate is up at 1.86%, from yesterday's close of 1.69%.
- China’s 7-day Interbank repo rate is up at 2.33%, from yesterday's close of 2.22%
AUSTRALIA DATA: Housing-Related Inflation Continues To Moderate
Feb-26 01:27
January headline CPI inflation printed slightly lower than expected at 2.5% y/y, in line with December. However, the underlying trimmed mean rose 0.1pp to 2.8%, but still below the top of the RBA’s 2-3% band. The first month of the quarter has limited updates for services inflation. The seasonally adjusted data is consistent with the RBA remaining cautious with it stating that “upside risks remain”.
- The seasonally-adjusted CPI ex volatile items and holiday travel rose 0.3% m/m to be up 2.9% y/y in January. The 3-month annualised rate increased to 3.1% from 1.2%.
- Headline seasonally adjusted rose 0.6% m/m last month, the highest monthly rate since August 2023. It was boosted by higher fruit prices due to disappointing harvests but also due to the Queensland electricity rebate.
- The ABS notes that the decline in electricity prices was smaller in January at -11.5% y/y up from -17.9% y/y in January. Without government rebates, electricity prices would have been down 1.2% y/y after 0.9% in December.
- The easing in housing inflation has been a key reason for the moderation in inflation which allowed the RBA to cut rates last week. Rents rose 5.8% y/y down from 6.2% due to higher vacancy rates. New dwellings rose 2.0% y/y down from 2.3%, the lowest since June 2021. The ABS observes that builders are discounting to attract customers and that supply chain flows have improved.
- Food & non-alcoholic drink prices increased 3.3% y/y up from 2.7%, as fruit prices rose 12.3% y/y.
- Auto fuel prices fell in January to be down 1.9% y/y after -1.4% y/y.
Australia CPI y/y%
Source: MNI - Market News/Refinitiv
MNI: CHINA PBOC CONDUCTS CNY548.7 BLN VIA 7-DAY REVERSE REPO WEDS
Feb-26 01:23
- CHINA PBOC CONDUCTS CNY548.7 BLN VIA 7-DAY REVERSE REPO WEDS
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