Yesterday saw little net aggregate offshore equity inflows for the Asia Pac region. Inflows for South Korea and India were offset by net selling for Taiwan. South Korean net inflows are positive for the past 5 trading days, but still modestly negative for August to date. Headlines have crossed earlier that Samsung and Hynix won't be subject to the 100% chip tariff that US President Trump stated earlier (which will apply to companies which aren't producing or planning to produce chips in the US).
Table 1: Asian Markets Net Equity Flows
| Yesterday | Past 5 Trading Days | 2025 To Date | |
| South Korea (USDmn) | 200 | 193 | -4929 |
| Taiwan (USDmn) | -404 | 1203 | 3059 |
| India (USDmn)* | 178 | -934 | -11220 |
| Indonesia (USDmn) | 27 | -83 | -3755 |
| Thailand (USDmn) | 61 | 164 | -1690 |
| Malaysia (USDmn) | -41 | -188 | -3117 |
| Philippines (USDmn) | 4 | 0 | -628 |
| Total (USDmn) | 24 | 355 | -22279 |
| * Data Up To Aug 5 |
Source: Bloomberg Finance L.P./MNI
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The ESU5 overnight range was 6246.25 - 6315.00, Asia is currently trading around 6274. US Stocks pulled back from their highs overnight in reaction to the potential new tariffs being implemented. This morning has seen US futures open a little lower but has since bounced, ESU5 -0.02%, NQU5 +0.10%. Stocks have had an unbelievable run forcing an underweight market to get back in, the short term looks a little stretched now and the shorts have been carried out, could these tariffs and the threat it poses to global growth be the catalyst now for some reversion back to the mean ? Support seen back towards the 6000 area.
Fig 1: US Earnings Growth Vs ROW

Source: MNI/@LanceRoberts/GS
TYU5 is trading 111-00, up 0-02+ from its close.
RBA-dated OIS pricing is slightly firmer on the day across meetings ahead of today’s RBA Policy Decision.
Figure 1: RBA-Dated OIS – Current Vs. Pre-RBA (May)

Source: Bloomberg Finance LP / MNI