Asia EM $ credit has a weaker bias, with spreads unchanged to +4p wider in the morning session. The outlier being the Philippines (PHILIP 5/35 +4bp), with the central bank indicating that monetary policy could be more accommodative. Asia equities are a mixed bag, with the KOSPI down 1.4%, handing back yesterday's gains related to shareholder rights. South Korea's trade minister leaves for the U.S. today as tariff deadlines approach. In terms credit news, China Vanke reported additional funding from Shenzhen Metro. Bonds appear to price in ongoing support. No new issues launched today.
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After an exceptional period of inflows into the major markets, it appears that this trend has stalled for now as constant daily flows are interrupted with outflows, with Taiwan, Indonesia and India the latest to experience a significant outflow.
At the Tokyo lunch break, JGB futures are weaker, -19 compared to the settlement levels, and hovering near Tokyo session lows.