The South African bond market was slightly weaker on Thursday morning as it tracked the rand, which is flirting with the R14/$ level following the medium-term budget policy statement. Finance Minister Pravin Gordhan revised down the growth projection for 2016 to 0.5% from a previous forecast of 0.9%. The yield on the R186 bond was at 8.900% in early trade, from 8.880% Wednesday. Government bond yields in some of the developed markets were mostly higher on Thursday morning, with the benchmark US treasury note increasing to 1.7986% from 1.7588% on Wednesday. Investors are likely to keep an eye on the release of US durable goods orders for September. Locally, Statistics SA will release producer price index data for September.
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