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Bonds mixed after quiet night

Australian bond prices have opened mixed, after a quiet night in global trading.

At 0830 AEDT on Thursday, the March 10-year bond futures contract was trading at 96.725 (implying a yield of 3.275 per cent), down from Wednesday's close of 96.730 (3.270 per cent).

However, the March three-year bond futures contract was at 97.290 (implying a yield of 2.710 per cent), up from 97.280 (2.720 per cent).

JP Morgan interest rate strategist Sally Auld said it had been an uneventful night for global bond markets.

"Not a lot happened overnight," she said.

"US Treasuries are only slightly lower in yield, so it's been a reasonably benign session."

Quiet trading would likely continue on Thursday, she added, although Chinese manufacturing data and global business announcements could have an impact on the market.

"We have the Apple earnings out today, so we'll see what they bring," she said.

"The Chinese PMI (purchasing managers' index) data will be important, but unless it surprises, it shouldn't move bond prices too much."

HSBC will release Chinese PMI data for January on Thursday afternoon. The index rose to 51.5 in December, suggesting that the country's manufacturing sector is improving.