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▸ Core gov­ern­ment bonds rally glob­ally after dis­ap­point­ing US eco­nomic data

▸ UK gilt yields fall back from post-1998 high amid investor buy­ing

▸ Wall Street strengthens ahead of this week’s key Amer­ican job num­bers

Bond mar­kets ral­lied yes­ter­day, recov­er­ing from a global sell-off, as dis­ap­point­ing data on Amer­ican job open­ings promp­ted bets that the US Fed­eral Reserve would cut rates more aggress­ively to sup­port the world's biggest eco­nomy.

US job open­ings fell to 7.18mn in July accord­ing to closely watched JOLTS data, below the 7.38mn expec­ted by eco­nom­ists polled by Reu­ters — and down from 7.44mn for the pre­vi­ous month.

Andy Bren­ner, head of inter­na­tional fixed income at Nat­Al­li­ance Secur­it­ies, said the job open­ings and other data show­ing higher lay-offs “got my atten­tion and the mar­ket's atten­tion”.

The rally hal­ted a bond mar­ket slide that had pushed bor­row­ing costs in some big eco­nom­ies to their highest levels in years.

Yields on 30-year US Treas­ur­ies fell 7 basis points to 4.90 per cent by mid­day in New York trad­ing as investors bought the debt — recov­er­ing after climb­ing to 5 per cent for the first time since July.

The moves powered a recov­ery in sen­ti­ment towards sov­er­eign bonds around the world after Japan's 30-year yield earlier hit a record high and the UK's 30-year gilt yield reached a fresh post1998 high of 5.75 per cent.

The 30-year gilt UK yield fell back to 5.62 per cent.