Bonds softer ahead of key US economic data

SOUTH African bonds continued to trade weaker at midday on Wednesday amid global risk-off trade while global markets await US economic data later in the day.

The US private-sector employment report for September is due for release on Wednesday, ahead of the important nonfarm payrolls statistics scheduled for release on Friday.

US private sector employers are expected to have added 175,000 jobs in September, according to Trading Economics, up from 168,000 jobs in August.

At 11.33am, the R186 was bid at 8.610% and offered at 8.600% from Tuesday’s 8.550%.

The R207 was bid at 7.850% and offered at 7.840% from 7.850% previously.

The rand was at R13.7683 from R13.8305 on Tuesday.

Local bonds and the rand weakened on Tuesday after hawkish comments from US Federal Reserve official Jeffrey Lacker.

The US 10-year treasury note was last at 1.6866% from 1.6865% on Tuesday.

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