South African bonds extended losses shortly before midday on Tuesday, as markets await key political events and data releases this week. Rand Merchant Bank analyst Gordon Kerr said that today should see another quiet day in the bond market, with domestic risk events locally and globally expected this week. These include the ANC national policy conference on Friday. The status of SA’s economy as well as policy measures intended to accelerate the pace of transformation are expected to dominate the agenda. While the global economic environment still supports emerging markets, various data releases this week are likely to be bond-supportive, said Kerr. At midday, Statistics SA is expected to release formal employment data for the first quarter of this year. Stats SA’s labour force survey released early in June — which measures general labour force participation — indicated unemployment was at record levels. Markets are concerned the Fed may continue with its interest-rate increasing cyc...
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