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Australian bonds tad higher in muted trading week amid disappointment from China’s Q3 GDP
The Australian government bonds remained tad higher during Asian session of the first trading day of the week Monday as investors remained side-lined amid muted hours that witnessed data of little economic significance.
However, the disappointment from China’s gross domestic product (GDP) for the third quarter of this year, further weighed on bond yields.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, slipped 1 basis point to 1.141 percent, the yield on the long-term 30-year bond edged 1 basis point down at 1.728 percent and the yield on short-term 2-year too traded 1 basis point lower at 0.794 percent by 05:25GMT.
Global risk sentiments were dented by China’s disappointing Q3 GDP growth print of 6.0 percent y/y and warnings of a weak global growth prognosis at the IMF-World Bank annual meetings on Friday, OCBC Treasury Research reported.
U.S. President Donald Trump also backpedalled on his plan to host the 2020 G7 meeting at his Trump National Doral resort in Miami amid widespread criticism, the report added.
"Asian markets may be off to a shaky start this week, as fluctuating optimism about US-China trade progress and Brexit extension hopes battle with weak economic data," OCBC further commented in the report.
Meanwhile, the S&P/ASX 200 index traded tad 0.23 percent up at 6,618.50 by 05:30GMT.