Australian Bond Futures, N.Z. Notes Surge Following Tumble in U.S. Stocks

Australian bond futures and New Zealand government debt surged after a drop in U.S. stocks yesterday spurred investor demand for the safest assets.

Australian three-year bond futures for September delivery climbed 0.36 to 96.22, and 10-year bond contracts jumped 0.26 to 95.53 on the Sydney Futures Exchange.

The yield on New Zealand’s two-year government note dropped 4.5 basis points to 3.23 percent, according to Bloomberg Bond Trader data. The rate on New Zealand’s 10-year security tumbled to 4.50 percent, the least since March 2009.

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