Asia- Pacific Market Wrap 14-Jun-2019 14-Jun-2019

Top News
U.S. equities edged lower and the dollar strengthened after data showing broad gains in retail sales suggested the economy is healthy enough to go without an interest-rate
World
cut.
Japanese stocks advanced, with the Topix index capping a second weekly gain, as signs of a slowdown in the U.S. labor market bolstered bets that the Federal Reserve will
Japan
eventually cut interest rates.

Hong Kong girded for another mass march against a China-backed extradition bill Sunday, as the city's leader, Carrie Lam, faced new calls to withdraw the legislation after
China/
clashes between protesters and police. Tam's top advisers said her administration underestimated the amount of opposition to the bill, casting doubt on whether the law
HK
could be rushed through before the end of the legislative period next month.
India is seeking to raise tariffs on a slew of products imported from the U.S. starting this week, just days ahead of a visit by U.S. Secretary of State Michael Pompeo aimed at
India deepening defense and energy ties between the two nations. It follows President Trump's decision on June 1 to end trade concessions on $5.7 billion of goods India shipped to
the U.S. as of 2017.

AU/ Australian sovereign notes open higher in line with Treasuries, which rose with other developed-market bonds in view of tensions in the Persian Gulf and Hong Kong. Aussie
NZ dollar is holding near a two-week low.

SG/Mal Indonesia's rupiah weakens ahead of a preliminary court hearing over the 2019 presidential election results. USD/IDR edges up 0.1% to 14,288; pair set of 0.1% advance for the
/Indo week.

Other Bangko Sentral ng Pilipinas' latest estimate of current account deficit this year of $10.1b or 2.8% of GDP is set to be the widest since 1999. Outlook on balance of payments
Asia revised to a surplus of $3.7b or 1% of GDP from a $3.5b deficit projection made in November.

Foreign Exchange Fixed Income

BBG USD Spot Index US Treasury curve

DoD MTD YTD 3M 1Y 2Y 3Y 5Y 10Y
BBDXY 1202.31 0.42% -0.32% 0.54% 2.17 2.01 1.84 1.78 1.83 2.08
DoD 0 1 0 1 -1 -1
Major Asian Currencies MTD -17 -19 -8 -9 -8 -4
SGD 1.37 -0.37% 0.23% -0.69% YTD -19 -59 -65 -67 -68 -60
AUD 1.46 -0.53% -0.96% -2.67%
HKD 7.83 0.00% 0.13% 0.05% India Sovereign Curve
JPY 108.56 -0.06% -0.25% 1.34% 6.11 6.12 6.22 6.54 6.72 6.92
KRW 1185.18 -0.18% 0.48% -6.68% DoD 0 -3 -6 -3 -9 -9
CNY 6.92 -0.03% -0.16% -0.66% MTD 0 -14 -22 -14 -13 -11
THB 31.18 0.19% 1.62% 3.67% YTD 0 -79 -64 -47 -48 -45
TWD 31.51 -0.11% 0.29% -3.14%
IDR 14325.00 -0.32% -0.39% 0.45% Korea Sovereign Curve
INR 69.77 -0.33% 0.08% 0.07% 1.52 1.48 1.48 1.47 1.50 1.59
DoD 0 0 -2 -2 -4 -4
Equities MTD -10 -11 -10 -10 -9 -8
Level DoD MTD YTD YTD -23 -27 -36 -36 -40 -37
US SPX INDEX 2,887 -0.2% 4.9% 15.2%
US INDU INDEX 26,090 -0.1% 5.1% 11.8% Singapore Sovereign Curve
JP Nikkei 21,117 0.4% 2.5% 5.5% 2.00 2.05 1.72 1.77 1.96 2.45
HK Hang Seng 27,118 -0.6% 0.8% 4.9% DoD -3 -2 -1 -2 -1 0
CN CSI 300 3,655 0.0% 0.7% 23.1% MTD -5 -4 -21 -2 -1 -13
AU S&P/ASX 200 6,554 0.2% 2.5% 16.1% YTD -8 -2 -16 -18 -13 1
KR KOSPI 2,095 -0.4% 2.6% 2.7%
IN SPCNX NIFTY 11,823 -0.8% -0.8% 8.8% Thailand Sovereign Curve
MY FTSE/BM KLCI 1,639 -0.3% -0.7% -3.1% 1.72 1.80 1.77 1.77 1.83 2.10
SG FTSE/ ST 3,223 0.1% 3.4% 5.0% DoD -1 0 -1 -1 -4 -4
MTD -1 -1 -7 -10 -20 -26
YTD 11 4 2 -3 -31 -38
Credit
Level DoD MTD YTD Australia Sovereign Curve
Asia iTraxx Indices 1.45 1.11 1.00 0.98 1.04 1.37
Asia ex Japan IG 72 0.0% -8.9% -24.8% DoD 0 -3 -1 -1 -1 -3
Japan IG 68 -0.7% -1.5% -20.9% MTD -7 -10 -12 -12 -12 -9
Australia CDSI 70 -0.5% -7.2% -25.9% YTD -56 -83 -90 -87 -87 -95

Sovereign Credit - 5Y Japan Sovereign Curve

Korea 33 0.5% -9.1% -15.5% -0.09 -0.17 -0.20 -0.21 -0.23 -0.13
Malaysia 66 0.5% -7.4% -39.5% DoD 0 1 -1 0 -1 -2
China 51 0.7% -12.4% -23.8% MTD 1 -1 -3 -3 -4 -4
Philippines 59 0.4% -6.5% -33.4% YTD 0 -2 -6 -7 -9 -13
Indonesia 103 0.5% -10.0% -25.2%
Thailand 35 -0.4% -5.1% -19.4% China Sovereign Curve
Australia 19 0.0% 0.0% 5.4% 2.41 2.53 2.81 2.95 3.08 3.27
Japan 63 2.0% -13.9% -23.4% DoD 0 0 0 0 -2 -1
MTD 11 0 0 5 0 -3
Commodities YTD -42 -16 4 6 4 -4

NYMEX WTI Crude 53 0.4% -1.9% 15.6% Malaysia Sovereign Curve

NYMEX Gasoline 173 0.7% -2.2% 33.1% 3.16 3.25 3.29 3.35 3.46 3.71
Gold Spot 1,342 0.0% 2.8% 4.6% DoD 1 1 0 0 0 -1
Silver Spot 15 -0.2% 1.9% -4.0% MTD -4 -3 -4 -4 -7 -7
YTD -20 -13 -23 -26 -30 -37