South Africa’s 10-year bond yield eased to just below 8.7%, the lowest in nearly a month, reflecting an improvement in global risk appetite following the announcement of a conditional two-week ceasefire in the Middle East. Although traders remain cautious until the truce proves durable, optimism around the reopening of the Strait of Hormuz helped to ease inflationary concerns. The easing of geopolitical risks also prompted investors to scale back expectations for a more hawkish stance by major central banks.
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