Inflows were positive into tech bellwethers South Korea and Taiwan yesterday. This followed generally positive tech sentiment in Tuesday US trade, as Fed easing expectations firmed after the US CPI print. Such sentiment continued in Wednesday trade, although tech equity trends were less positive. For South Korea, yesterday's inflow was the strongest daily inflow since July 24, while for Taiwan it ended a two day run of outflows. Taiwan's Taiex index closed yesterday just short of record highs.
Table 1: Asian Markets Net Equity Flows
| Yesterday | Past 5 Trading Days | 2025 To Date | |
| South Korea (USDmn) | 467 | 484 | -4441 |
| Taiwan (USDmn) | 327 | 1553 | 4612 |
| India (USDmn)* | -302 | -1221 | -12441 |
| Indonesia (USDmn) | 92 | 290 | -3465 |
| Thailand (USDmn) | -206 | -212 | -1902 |
| Malaysia (USDmn) | -22 | -173 | -3290 |
| Philippines (USDmn) | 17 | 32 | -596 |
| Total (USDmn) | 373 | 753 | -21522 |
| * Data Up To Aug 12 |
Source: Bloomberg Finance L.P./MNI
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In post-Tokyo trade, JGB futures closed unchanged compared to settlement levels, after US tsys finished Monday’s session 1-3bps cheaper. Focus is on Tuesday's June CPI inflation data and several Fed speakers ahead of Friday evening's policy blackout.
ACGBs (YM flat & XM +1.0) are little changed after a relatively subdued start to a potentially volatile week amid myriad drivers, including inflation and sales data, earnings, and Fedspeak.
In local morning trade, NZGBs are little changed after US tsys finished Monday’s session 1-3bps cheaper.