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The ASX 200 managed to close around 6186, bang in the middle of a trading range, even despite a mid-week spill that saw the local market bounce off support around 6120. Perversely, it was the same catalyst that enabled a recovery in the ASX that sent other global indices reeling: the rout in global bond markets in response to increased bets on imminently higher global interest rates. The rally in yields at the back end of the curve eased fears relating to the bank’s funding costs, and the concomitant impact of tighter net interest margins, spurring a modest relief rally in the financial sector on Thursday and Friday. Notwithstanding this burst in bank-stocks, the positive news element of higher global yields appears to be diminishing at the commencement of this trading week, as broader risks to stock market strength from higher bond yields apparently takes hold.