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Much stronger than expected business...>

AUSSIE BONDS
AUSSIE BONDS: Much stronger than expected business approvals data applies modest
pressure to the space, YM -1.0, XM unch.
- Bills sit 1-3 ticks lower through the reds.
- Looking into the NAB business survey, we saw the employment outlook indicator
moderate to 0.8 from 4.3. Labour cost index was steady at 0.9 for a 4th
consecutive month. Business conditions unch. at 3, confidence at -1 vs. -2 prev.
- 10-Year breakevens steady in the wake of a strong ACGB I/L auction.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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