Robert Mead News
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Australian government bonds are poised to extend the best rally among top-rated nations as local policy makers cut interest rates in response to global monetary easing, according to Pacific Investment Management Co.
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From skyrocketing rents in remote mining towns to the decline of the auto industry, Australia is grappling with the downside of world-beating economic growth that has driven the nation’s currency to record highs.
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Glenn Stevens’s reappointment to the helm of Australia’s central bank was welcomed by investors who profited as he presided over the world’s strongest currency and second-best bonds.
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Pacific Investment Management Co. says Australian debt markets are misguided to bet the central bank is almost done cutting interest rates, as the economy will struggle to cope as a resource investment boom fades.
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Efforts by Brazil to tame inflation are providing foreign-exchange traders with the biggest returns in the world by purchasing reais with funds borrowed in dollars.
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The Australian dollar rose against all of its major counterparts after a report showed bigger-than- estimated growth in employment, reducing pressure on the central bank to expand monetary easing steps.
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Bonds backed by Australian home loans offer value as returns outweigh the risk on notes that are “close to bullet-proof AAA,” according to Pacific Investment Management Co., manager of the world’s biggest debt fund.
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Pacific Investment Management Co., which manages the world’s biggest bond fund, is buying Australian notes backed by home loans in the secondary market to profit from higher yields as European investors dump the bonds.
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Pacific Investment Management Co.’s Australian unit is using the developed world’s highest interest rates to reap profits by buying bonds offshore and hedging them back into the local currency.
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Australia’s national election deadlock means investors will demand higher returns to hold the nation’s riskier assets, said Pacific Investment Management Co.
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