Yesterday saw positive inflow momentum across the Asia Pac region. This has scope to continue into month end, given the rebound in global indices (aided by the more dovish Fed backdrop) over the past week. Most markets are still running at net outflows for the past 5 trading days though, particularly South Korea and Taiwan. For South Korea's Kospi we are firmer today, but haven't been able to sustain above the 4000 level. Per NBUY we have seen further inflows so far today (+$113mn). The BoK left rates on hold, as expected, but local rates rose on reduced easing prospects. This may be tempering local equity market sentiment at the margins.
Table 1: Asian Markets Net Equity Flows
| Yesterday | Past 5 Trading Days | 2025 To Date | |
| South Korea (USDmn) | 494 | -1371 | -5325 |
| Taiwan (USDmn) | 491 | -2600 | -6379 |
| India (USDmn)* | 109 | -89 | -16275 |
| Indonesia (USDmn) | -33 | 212 | -1717 |
| Thailand (USDmn) | 15 | -58 | -3339 |
| Malaysia (USDmn) | 29 | -132 | -4581 |
| Philippines (USDmn) | 41 | 68 | -643 |
| Total (USDmn) | 1146 | -3970 | -38257 |
| * Data Up To Nov 25 |
Source: Bloomberg Finance L.P./MNI
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Yen has outperformed so far in Tuesday trade, with USD/JPY back testing under 152.00 and up around 0.60% in yen terms so far today. US-Japan meetings have dominated the headlines (with Bessent remarks aiding yen gains), while we also saw some verbal FX jawboning from Japan's economic minister, which has also likely helped at the margins. The BBDXY index is down 0.205 to 1209.15.
Aussie 3yr (YM) bond futures underperformed, last 96.545, off 3.5bps. 10yr futures were up a touch to 95.815. The bias in US Tsy futures has been to nudge higher, support the Aussie 10yr but the 3yr is likely reflecting near term uncertainties around the RBA outlook, with tomorrow's Q3 CPI print in focus. ACGB yields are mixed, as the curve flattens, the front end 3yr establishing itself back above 3.40% (last 3.44%), while the 10yr has drifted lower to 4.165%. This leaves the 3/10s curve at +72bps, flatter by 5bps.
Gold range traded during today’s APAC session with breaks above $4000 continuing to be temporary. Prices have just dipped and are down 0.3% to $3970.0 after a high of $4019.68 and intraday low at $3964.01. It found some support from the weaker US dollar (BBDXY -0.2%) while US yields are steady. There was little news to drive safe-haven flows in either direction ahead of Wednesday’s Fed decision.