June 3rd, 2008

KRW: dropped to 1014 on comments that MoFE would "double their effort to tackle inflation"
INR: opened up with a gap of 10 paise on weak equities and govt unable to make a decision on the fuel price hike


Singapore
Malaysia CB chief said will not use MYR to curb price pressures

Thailand
Spot higher with same names bying; deep discounted daily funding. Spot to slowly grind through 32.80
May CPI at 7.6%, considered "not a surprise given oil prices", much higher than 6.6% mktexp

South Africa
UK's Vodafone in talks to acquire another 12.5% of Vodacom for R18.75bn from Telkom;
Been range trading since end of April as rate hike momentum was replaced by impending economic slowdown
Energy shortage combined with high borrowing costs and general weakening of biz and consumer confidence => domestic firms curtailing capital investment => negative future growth potential
High c/a deficit sparked more fear as portfolio flows are not stable right now