Rand slips as global risk aversion returns

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The rand slipped early on Tuesday as risk aversion returned to global markets, with an earnings warning from Snapchat’s owner prompting a retreat in US stock futures.

At 0630 GMT, the rand traded at R15.81 against the dollar, 0.3% weaker than its previous close.

Market attention on Tuesday is likely to be focused on the release of global purchasing manager index surveys and comments by policymakers at the World Economic Forum.

Multiple threats to the global economy topped the worries of the well-heeled at the Davos forum on Monday, with some flagging the risk of a worldwide recession.

A South African business cycle indicator will be released around 0700 GMT and could shed light on the local outlook in an otherwise light week for domestic data.

The government’s benchmark 2030 bond fell in early deals, with the yield rising 6.5 basis points to 9.785%.

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