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AUSTRALIAN BOND MARKET OPENS FIRMER - DEC 1, 2006.
SYDNEY, Dec 1 Asia Pulse - The Australian bond market opened firmer today, mirroring US markets, which focused on a weaker-than-expected outcome for the Chicago purchasers manufacturing index (PMI).
At 0900 AEDT the yield on the Commonwealth Government February 2017 bond was 5.543 per cent from yesterday's close of 5.585 per cent, while the yield on the August 2010 bond was 5.870 from yesterday's close of 5.900 per cent.
On the Sydney Futures Exchange, the December 10-year bond futures contract price was at 94.455 from yesterday's close at 94.410, while the December three-year bond futures contract price was at 94.140 from 94.120.
National Australia Bank analysts said US Treasuries rallied overnight after weak manufacturing data out of Chicago.
The Chicago PMI fell to 49.9 in November, from 53.5 in October. This is the series' lowest level in more than three and a half years.
"Treasury yields were drifting lower overnight in the lead up to the personal income and spending data, and the monthly 0.2 per cent rise in the core PCE deflator saw a rise of around 1.5 basis points in yields," the NAB analysts said.
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Source: HighBeam Research, AUSTRALIAN BOND MARKET OPENS FIRMER - DEC 1, 2006.