THE Australian bond market has opened firmer today, after risk sentiment unravelled as poor US economic data collided with European fears over sovereign debt and bank liquidity.
At 0830 AEST today, the September 10-year bond futures contract was trading at 95.765 (implying a yield of 4.235 per cent), up from 95.640 (4.360 per cent) yesterday.The September three-year bond futures contract was at 96.420 (3.58 per cent), up from 96.300 (3.700 per cent).
ANZ chief economist Warren Hogan said mounting concerns over European bank funding and weak US manufacturing data contributed to a significant sell-off of risk assets overnight.
European bank stocks took a battering on fears over the global economic recovery and renewed concerns about Greece's bailout.
Read more: http://www.news.com.au/business/bonds-firmer-as-sentiment-unravels/story-e6frfm1i-1226117949523#ixzz1VQpIbsj5
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