Uncertainty in the US-China trade war continued to put pressure on the rand and its emerging-market peers on TuesdayRetailers took a knock on Tuesday as load-shedding and unfavourable weather conditions took a toll on the sector, which suffered its biggest one-day drop in more than a week.
The rand weakened after manufacturing production contracted for a fifth consecutive month, by 0.8% year on year in October, data from Statistics SA showed earlier, while uncertainty in the US-China trade war heaped further pressure on the local currency and its emerging-market peers. Investors are counting the days before the US is scheduled to impose a tariff hike on $156bn worth of Chinese goods, a move that markets fear may prolong the signing of the first phase of a trade deal.
Among other risk events on the global calendar, the US Federal Reserve began its final meeting for 2019 on Tuesday while the European Central Bank is set to meet on Thursday. Both are expected to keep interest rates unchanged amid concerns of a global economic slowdown.
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