AUSTRALIAN three-year bond futures prices are a touch higher as positive economic news from China and a poor performance by local shares pulled the market in opposite directions.
Chinese economic data released on Thursday showed that manufacturing activity expanded in October for the first time in three months.
JP Morgan interest rate strategist Sally Auld said bond futures prices during the local session went down and then popped back up again.
"Around lunchtime it was the China data that was a little bit stronger than expected but it was unable to sustain any moves one way or another," she said.
"Our equities haven't done so well, but Chinese equities have done alright."
At 1630 AEDT on Thursday, the December three-year bond futures contract was at 97.470 (2.530 per cent), up from 97.460 (2.540 per cent) on Wednesday.
The December 10-year bond futures contract was trading at 96.955 (3.045 per cent), level with the end of the previous local session.
Ms Auld said the bond market has been trading in a tight range over the past few days as traders awaited the outcome some key market events.
These include the release of US employment figures on Friday, the Reserve Bank of Australia's board meeting and interest rate decision on Tuesday, and the outcome of the US presidential election, which is likely to be announce on Wednesday, Australian time.
"There is so much event risk over the next little while that people are struggling to put a big position on either way," she said.
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