BNY note ... "APAC currency flows per our iFlow data were mixed over the past week. CNY outflows picked up and extended to a third week, after nearly two months of buying. Another notable outflow was from KRW, which continues to be one of the most underheld currencies in iFlow (weekly average scored holdings at -1.82). On the flipside, iFlow observed inflows in THB, TWD, INR and PHP. The THB inflows were the strongest in a week since July 2022 and followed four weeks of selling. At weekly scored flows of over 1.5 standard deviations, the THB inflow was also the largest among iFlow-covered currencies over the past week.

"Our data shows outflows rising across APAC equities. EM APAC equity flows started to turn negative in mid-March. Overall, investor flows into the EM space no longer appear immune, with both EM EMEA and EM APAC both suffering outflows. The biggest turnaround in sentiment has been in China, South Korea and Hong Kong. A breakdown of EM APAC equity sector flows shows sizeable outflows (scored flows of < -1) from Industrials and Financials sectors over the past week, and marginal demand for Consumer Discretionary."