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Off Overnight Lows

AUSSIE BONDS

Futures pared their early post-Sydney losses as we moved through the overnight session, and have opened Sydney dealing with a modest bid, building on the move that developed during the latter half of overnight dealing, leaving YM +1.0 & XM unch.

  • There hasn’t been much in the way of notable domestic headline flow to drive the space, with the focus falling on the reintroduction of fresh worry surrounding the Russia-Ukraine situation (it never really went away, with the West clearly sceptical re: Russian intentions), which provided the aforementioned bid, facilitating a recovery after the European inflationary impulse weighed on core fixed income markets into early NY trade on Wednesday.
  • Thursday’s local docket will be headlined by job vacancies, building approvals and private sector credit data. It will also be worth keeping an eye on the latest round of official Chinese PMI readings, with the BBG median looking for a return to contractionary territory for the manufacturing reading, alongside a slowing of the pace of expansion when it comes to the services print.
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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