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Downward pressure on sovereign bonds continued on into Asia trading, extending a global sell-off as investor sentiment improved in the wake of Sunday’s French presidential vote.

Australian government bonds were faring worst in the region. The yield on the 10-year bond, which move inversely to price, rose 5 basis points to 2.635 per cent after data showed headline inflation rose in the March quarter to the central banks’ targeted range for the first time since the September quarter of 2014.

The equivalent New Zealand note was similarly affected as yields rose 4bp to 3.049 per cent.

Northeast Asian bonds were somewhat better off, with the yield on 10-year Japanese government bonds up 1bp at 0.02 per cent and that for the 10-year South Korean note up 2 bp at 2.198 per cent.

The yield on 10-year US Treasuries was flat at 2.336 per cent, still near a three-week high after rising 9 bp during the previous two sessions.

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