Asian shares fell, with the Nikkei down 1.7% on the day. HSI dropped 0.7%, the Kospi fell 0.6% and ASEAN markets were 0.1% to 0.6% lower. S&P futures were marginally lower following the sharp correction overnight. Sensex, on the other hand, rallied as much as 4% as early trends showed the BJP coalition in a strong lead.The US 10y yield rose briefly above 2.50% in early trading but has since retraced to 2.49%. Lower US yields pushed USDJPY towards a week low of 101.47. EUR and AUD were little changed at 1.372 and 0.936. INR was the main mover amongst EM Asian currencies, rallying 1% to 58.74 on the open. Elsewhere, IDR and THB rose 0.2%, but PHP and MYR fell 0.3% and 0.2% respectively. The PBoC moved the USDCNY fix 12pips lower to 6.1628.Asian IRS yields have fallen 3-4bps across the board. JGB yields have also edged 1bps lower.
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