Disappointing local manufacturing data failed to dent the rand’s recovery on Tuesday, with global risk assets rebounding after a strong performance by Chinese equity markets earlier.A lack of major economic data releases, and a stabilising Chinese yuan, suggested a reprieve for risk assets and emerging-market currencies, said Oanda vice-president of market analysis Dean Popplewell.A rising oil price also failed to spoil the mood, and the rand also brushed off yet another domestic economic data release that underscored the sedate pace of SA’s economic recovery.Local manufacturing production increased by 0.7% year-on-year in June 2018, after a 1.5% increase in May. This was well below Trading Economics’s consensus of 1.7%.Global trade was risk-on, with the Shanghai Composite earlier jumping 2.7%, something that followed a strong performance on Wall Street on Monday. Upbeat corporate earnings reports in the US continue to stimulate investor interest.The price of Brent crude, however, ...
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