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AUSTRALIAN BOND MARKET OPENS FIRMER - AUG 1, 2008.
SYDNEY, Aug 1 Asia Pulse - The Australian bond market has opened firmer as weaker jobless claims in US and softer economic growth had investors taking refuge in safe haven assets.
At 0830 AEST today, the yield on the Commonwealth Government March 2019 bond was at 6.125 per cent, down from yesterday's close of 6.233 per cent, while the June 2011 bond was at 6.066 per cent, down from 6.168 per cent.
On the Sydney Futures Exchange, the September 10-year bond futures contract was at 93.895, up from yesterday's close of 93.795, while the September three-year contract was at 93.925, up from 93.825.
Citigroup managing director of economics Stephen Halmarick said the Australian bond market rallied on the back of softer data in the US overnight and weaker local data yesterday.
Worries about the US economy resurfaced after news of unexpectedly weaker growth and a rise in new claims for unemployment insurance payments that beat economists' forecasts.
Jobless claims for the week ending July 26 rose sharply, up to 448,000 from a revised 404,000 from the previous week, the US Department of Labor said.
Also, gross domestic product (GDP) growth was 1.9 per cent, annualised, for the June quarter in the US, below market's forecasts of 2.3 per cent.
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Source: HighBeam Research, AUSTRALIAN BOND MARKET OPENS FIRMER - AUG 1, 2008.