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The Australian government bonds suffered during Asian session of the second trading day of the week Tuesday as risk sentiments improved overnight on hopes of developments in the Sino-American trade war.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, jumped nearly 3 basis points to 0.920 percent, the yield on the long-term 30-year bond surged 3-1/2 basis points to 1.556 percent and the yield on short-term 2-year also gained nearly 3-1/2 basis points to 0.740 percent by 04:40GMT.
Global risk sentiment recovered on Monday after President Trump softened his tone on the trade war after he citied China’s Vice Premier’s comments that China is willing to resolve the dispute via calm negotiation as positive, OCBC Treasury Research reported.
Although it remained unclear whether China has called US to restore the trade talk as claimed by President Trump, the overall softer tone is helpful for risk sentiment. Market will closely watch whether the Chinese delegation will go to the US to meet its US counterparty in September as previously planned, the report added.
Meanwhile, the S&P/ASX 200 index edged tad 0.41 percent higher to 6,441.50 by 04:45GMT.
