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Bonds untraded in early trade

Dec 24 2012 10:29 I-Net Bridge

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Johannesburg - South African bonds remained untraded in early trade on Monday with local markets set to close at midday ahead of the Christmas and Day of Goodwill holidays.

With many traders already on holiday‚ the quiet conditions in the market are likely to prevail until the new year.

At 9:00‚ the benchmark R186 which closed at 7.120% on Friday‚ the R157 which closed at 5.290% and the R207‚ which previously closed at 6.230%‚ were still untraded.

The rand was last bid at R8.5653/$ from R8.5700 previously.

Dow Jones newswires reports that given the holiday atmosphere and the lack of data to give a lead‚ bond markets Monday are set to struggle for direction.

Data out overnight showed that UK households became more pessimistic about their finances in December than a month earlier‚ while their financial outlook for 2013 also weakened.

The monthly household finances survey from data provider Markit fell to a balance of 36.8 in December from 39.3 in November.
Elsewhere‚ European Central Bank executive board member Benoit Coeure said Saturday that an exit from the European economic crisis was unlikely before 2014.

The eurozone economy "is still slowing down‚" while inflation is currently decelerating‚ he said. There won't be any economic recovery before late 2013 or early 2014.

Spanish Prime Minister Mariano Rajoy told El Mundo in an interview published on Monday that he was certain "that 2014 will be a year of economic growth and job creation."

Rajoy said he expects to maintain his reform policies until the end of his term‚ and while the economic scenario for Spain looks better in 2013‚ the battle isn't over yet.

The El Pais newspaper reported Saturday that Spain and France would get at least one more year to lower their budget deficits towards the levels below 3% of gross domestic product required by the European Union Commission. An announcement could come by mid-February and it also means Madrid is ruling out any possible request for EU aid at least until the new targets are announced‚ El Pais said.

US Treasurys are lower on Monday after prices rose Friday‚ ending the week on a strong note as the country's fiscal cliff approaches‚ with no plan from Washington to avoid it.

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