South African government bonds were mixed on Friday morning, with trading expected to be light going into the weekend.

Emerging-market bonds have recovered much of the losses sustained in March as risk-appetite improved, but as of Friday activity levels remained subdued, but bond-positive, Sasfin Securities bond analysts said.

At 10.10am, the R186 was bid at 8.07% from 8.075% and the R207 at 6.93% from 6.925%. The rand was at R12.0161 to the dollar from R12.0604.

The US 10-year treasury was last seen at 2.8373% from 2.782%.

Fears of damaging trade conflict have eased this week, with US President Donald Trump saying on Thursday that he was considering the US rejoining the Trans-Pacific Partnership trade pact — if it offered better terms.

Concern over a clash between the US and Russia over Syria also eased somewhat, with Trump saying he had never said when a military strike in response to an apparent chemical-weapons attack would take place.

Trump, however, has in the past been repeatedly critical of the US broadcasting details of US military action ahead of time.

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