Bonds. Picture: THINKSTOCK
Bonds. Picture: THINKSTOCK

South African bonds were marginally weaker shortly before midday on Friday, with markets simmering in the absence of news from the ANC.

US inflation and retail sales numbers for November on Friday afternoon are expected to receive the most focus from investors.

Local bonds had found some support from foreigners on Friday morning, but with little news on the domestic front, caution was expected to prevail, said Nedbank Corporate and Investment Banking analysts.

Global bonds had been under pressure earlier in the week after reports that China was considering paring back its purchases of US debt. This was subsequently denied by Chinese authorities.

Emerging-market bonds had lagged a bit in the recovery, but the differential between their yields and those of developed market bonds now seemed to be fairly valued, said Sasfin Securities bond analysts.

At 11.30am, the benchmark R186 was bid at 8.61% from 8.60% and the R207 was at 7.29% from 7.28%. The rand was at R12.3877 to the dollar from R12.3898.

The US 10-year treasury was at 2.552% from 2.5553%.