Yesterday saw modest outflow pressures from both South Korea and Taiwan. This followed a generally strong period of prior inflow momentum, so some slowing was not surprising, particularly given the Fed risks due later on Wednesday. For Wednesday trade, both onshore equity markets also pulled back from recent highs. The overnight tone was softer US equity trends, including in the tech space, but losses were modest. US futures are also up in early dealings today, led by the tech side. In early Thursday dealings the Kospi is up around 0.50%. Both the South Korean and Taiwan markets return solid 5-day rolling sum momentum.
Table 1: Asian Markets Net Equity Flows
| Yesterday | Past 5 Trading Days | 2025 To Date | |
| South Korea (USDmn) | -144 | 2481 | -1151 |
| Taiwan (USDmn) | -45 | 3066 | 8368 |
| India (USDmn)* | 187 | 388 | -15260 |
| Indonesia (USDmn) | -9 | 18 | -3696 |
| Thailand (USDmn) | -6 | 65 | -2510 |
| Malaysia (USDmn) | 83 | 164 | -3669 |
| Philippines (USDmn) | 12 | 11 | -724 |
| Total (USDmn) | 79 | 6193 | -18642 |
| * Data Up To Sep 16 |
Source: Bloomberg Finance L.P./MNI
Find more articles and bullets on these widgets:
Ukrainian President Zelenskyy and key EU leaders have hailed the meetings with US President Trump as a success and positive progress towards ending the Russia-Ukraine conflict. Still, a degree caution remains and seemingly many details still need to fall into place.
The ESU5 overnight range was 6456.00 - 6479.75, Asia is currently trading around 6470. The ESU5 contract traded sideways consolidating just above 6450, as the market awaits Powell's Jackson Hole speech. This morning US futures opened a fraction higher, ESU5 +0.05%, NQU5 +0.05%. Only a break below 6200 would potentially signal a deeper correction. For now the price action in stocks continues to be bullish ignoring all headwinds as the Trump Administration runs the economy hot which for the moment has superseded the seasonal volatility that normally characterises the August/September period.
Fig.1: VIX Vs VVIX

Source: MNI - Market News/@themarketear
Fig.2: FedEx Vs World Trade Volume

Source: MNI - Market News/@dailychartbook/Apollo