USD/CNH tracks at 7.1245 in early Friday dealings, with little change in the broader technical pictu...
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Yesterday saw some standout flows in South East Asian markets. Indonesia's +$333mn in net inflows saw the 5-day sum push above $500mn. Yesterday's daily inflow was the strongest since mid September 2024. The local JCI index outperformed, rising a further 1% to push above 8100, which is fresh cycle highs. Gains were fairly broad based, while the debut of resource company Merdeka Gold Resources, also aided sentiment. Equities appear to happy to run with the government's pro growth agenda (although we continue to see IDR FX weakness).
Table 1: Asian Markets Net Equity Flows
| Yesterday | Past 5 Trading Days | 2025 To Date | |
| South Korea (USDmn) | 153 | 560 | -447 |
| Taiwan (USDmn) | 354 | 182 | 8595 |
| India (USDmn)* | -224 | 148 | -15298 |
| Indonesia (USDmn) | 333 | 504 | -3183 |
| Thailand (USDmn) | -29 | -289 | -2793 |
| Malaysia (USDmn) | -24 | 89 | -3664 |
| Philippines (USDmn) | 123 | 132 | -604 |
| Total (USDmn) | 686 | 1327 | -17394 |
| * Data Up To Sep 22 |
Source: Bloomberg Finance L.P./MNI
The train finally ran out of steam and the stock market finally had a pullback after momentum stalled overnight. This morning US futures are trading slightly lower, E-minis(S&P) -0.05%, NQZ5 -0.05%. The AUD continues to pullback slightly across the board, having seen its upward momentum last week stall and top out.
Fig 1: AUD/NZD spot Weekly Chart

Source: MNI - Market News/Bloomberg Finance L.P
TYZ5 is trading 112-29+, down 0-01+ from its close.