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2021-05-17

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Money Managers Say It’s Time to Get Picky in Emerging Markets<blockquote>基金经理表示，是时候在新兴市场变得挑剔了</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":192729885,"tweetId":"192729885","gmtCreate":1621232130347,"gmtModify":1631892417677,"author":{"id":3567759391330726,"idStr":"3567759391330726","authorId":3567759391330726,"authorIdStr":"3567759391330726","name":"LACS","avatar":"https://static.tigerbbs.com/e7b1c9adf4bf27d86812b859d1f237c1","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Buy the dipsssss</body></html>","htmlText":"<html><head></head><body>Buy the dipsssss</body></html>","text":"Buy the dipsssss","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/192729885","repostId":1176368726,"repostType":4,"repost":{"id":"1176368726","kind":"news","pubTimestamp":1621229681,"share":"https://www.laohunote.com/m/news/1176368726?lang=zh_CN&edition=full","pubTime":"2021-05-17 13:34","market":"hk","language":"en","title":"Money Managers Say It’s Time to Get Picky in Emerging Markets<blockquote>基金经理表示，是时候在新兴市场变得挑剔了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176368726","media":"Bloomberg","summary":"(Bloomberg) -- Emerging-market investors are turning more selective as last year’s everything rally ","content":"(Bloomberg) -- Emerging-market investors are turning more selective as last year’s everything rally splinters under the weight of higher inflation expectations.<blockquote>(彭博社）--随着去年的一切反弹在通胀预期上升的重压下分崩离析，新兴市场投资者变得更加挑剔。</blockquote>Exposure to U.S. growth and the impact from higher commodity prices are some of the criteria used by money managers from JPMorgan Asset Management to State Street Corp. Mexico, South Africa and Taiwan rank among the top choices as firms pare back their bullish bets for developing-nation assets, according to recent surveys.<blockquote>从摩根大通资产管理公司（JPMorgan Asset Management）到道富银行（State Street Corp.）等基金经理使用的一些标准是美国经济增长敞口和大宗商品价格上涨的影响。随着企业减少对发展中国家资产的看涨押注，墨西哥、南非和台湾是首选。最近的调查显示。</blockquote>“There is still meaningful scope to generate returns within EM as long as investors are able to differentiate,” said Tai Hui, chief Asia market strategist at JPMorgan Asset Management in Hong Kong.<blockquote>“摩根大通资产管理公司驻香港首席亚洲市场策略师 Tai Hui 表示：”只要投资者能够区分开来，新兴市场仍有很大的回报空间。</blockquote>Investor enthusiasm toward emerging-market assets has waned this year as Covid-19 infections engulf nations from India to Brazil while Treasury yields push higher amid rising price pressures. The MSCI Emerging Markets Index has slid almost 10% since its mid-February high and the Bloomberg Barclays EM Local Currency Government Bond Index is down 1.6% from its January peak.<blockquote>今年，随着 Covid-19 感染席卷从印度到巴西的多个国家，而国债收益率在价格压力上升的情况下走高，投资者对新兴市场资产的热情有所减弱。摩根士丹利资本国际新兴市场指数自 2 月中旬高点以来已下跌近 10%，彭博巴克莱新兴市场本币政府债券指数较 1 月峰值下跌 1.6%。</blockquote>U.S. Exposure<blockquote>美国风险敞口</blockquote>With a strong recovery in the world’s largest economy set to drive global growth this year, investors are looking for ways to piggy-back on that trend.<blockquote>随着世界最大经济体今年的强劲复苏将推动全球经济增长，投资者正在寻找利用这一趋势的方法。</blockquote>That makes Mexican, Taiwanese and South Korean equities attractive given their strong ties to the U.S., said Shaniel Ramjee, a senior investment manager at Pictet Asset Management in London, who helps manage $252 billion.<blockquote>伦敦百达资产管理公司（Pictet Asset Management）高级投资经理沙尼尔·拉姆吉（Shaniel Ramjee）表示，鉴于墨西哥、台湾和韩国股市与美国的紧密联系，这使得它们具有吸引力，她帮助管理着 2,520 亿美元的资产。</blockquote>The Mexican stock benchmark has climbed 12% this year, easily beating the 1% rise in MSCI’s index of developing-nation shares. The South Korean and Taiwanese equivalents are also outperforming, though the latter saw a steep selloff last week amid jitters over a Covid-19 outbreak and pricey tech stocks.<blockquote>墨西哥股市基准今年已攀升 12%，轻松超过 MSCI 发展中国家股票指数 1% 的涨幅。韩国和台湾的同类产品也表现出色，尽管后者上周因 Covid-19 爆发和昂贵的科技股而出现大幅抛售。</blockquote>Tech Dominance Haunts Taiwan in Global Selloff: Taking Stock<blockquote>科技主导地位在全球抛售中困扰台湾：盘点</blockquote>Commodity Surge<blockquote>大宗商品飙升</blockquote>The connection to commodity prices is also boosting the Mexican peso, said Emily Weis, a macro strategist at State Street in Boston. A combination of stimulus measures, vaccine rollouts and supply shortages has pushed everything from copper to lumber and iron ore to multiyear highs or records.<blockquote>波士顿道富银行宏观策略师艾米丽·韦斯表示，与大宗商品价格的联系也在提振墨西哥比索。刺激措施、疫苗推出和供应短缺的结合，已将从铜到木材和铁矿石的所有商品推至多年高点或创纪录。</blockquote>“Improving commodity prices are still a net positive for EM commodities currencies given the sheer percentage of exports,” Weis said.<blockquote>“魏斯说：”考虑到出口所占的比例，大宗商品价格的改善仍然是新兴市场大宗商品货币的净利好。</blockquote>The Russian ruble and South African rand also stand to benefit from the commodities rebound, according to Pictet’s Ramjee. The rand is the top emerging-market currency year-to-date thanks in part to South Africa’s exports of metals like platinum and iron ore, while the ruble has benefited from Russia’s oil exposure.<blockquote>Pictet 的 Ramjee 认为，俄罗斯卢布和南非兰特也将受益于大宗商品的反弹。兰特是今年迄今为止最大的新兴市场货币，部分原因是南非出口了铂金和铁矿石等金属，而卢布则受益于俄罗斯的石油敞口。</blockquote>But perhaps nowhere is the power of the commodity boom more on display than Brazil, where exports of soybeans and iron ore have boosted the real.<blockquote>但或许没有哪个地方比巴西更能体现大宗商品繁荣的力量，巴西的大豆和铁矿石出口提振了雷亚尔。</blockquote>Other nations haven’t been so lucky. Currencies in Colombia, Argentina, Peru and Turkey -- countries with some of the biggest increases in virus infections globally -- are among the worst performers in emerging markets this year.<blockquote>其他国家就没这么幸运了。哥伦比亚、阿根廷、秘鲁和土耳其的货币是今年新兴市场中表现最差的国家之一，这些国家是全球病毒感染人数增幅最大的国家。</blockquote>Yield Spike<blockquote>产量峰值</blockquote>Some investors say they’re sticking with local currency-denominated bonds that may be more insulated from American monetary policy.<blockquote>一些投资者表示，他们坚持持有以本币计价的债券，这种债券可能更能与美国的货币政策隔绝。</blockquote>“Local markets are becoming more attractive,” said Shamaila Khan, the head of emerging-market debt at AllianceBernstein in New York, singling out South African, Russian and Mexican local bonds as among the most appealing. “Selectively, we are finding value.”<blockquote>“纽约 AllianceBernstein 新兴市场债务主管沙迈拉-汗（Shamaila Khan）说：”本地市场正变得越来越有吸引力。“我们有选择地寻找价值”。</blockquote>Rate Calls<blockquote>费率评级</blockquote>The People’s Bank of China added 100 billion yuan ($15.5 billion) of one-year funds with its medium-term lending facility on Monday, matching the amount coming due in a move that was expected by analysts. The authorities kept the interest rate unchanged at 2.95%<blockquote>中国人民银行周一在其中期贷款便利中增加了 1000 亿元人民币（155 亿美元）的一年期资金，与分析师的预期相符。当局将利率维持在2.95%不变</blockquote>China’s recovery was a mixed bag in April, with industrial output and investment buoyed by strong exports and a hot property market, while retail sales missed forecasts, data on Monday showedThe PBOC will publish the one-year and five-year loan prime rates on ThursdayThe yuan has gained more than 1% this yearSouth Africa will probably keep its interest rate unchanged on Thursday amid an imminent third wave of Covid-19 infectionsData on Wednesday will probably show the nation’s headline consumer-price index rose 4.3% in April from a year earlier, though that’s still below the 4.5% midpoint of its target range this quarter<blockquote>中国4月份的复苏喜忧参半，强劲的出口和火热的房地产市场提振了工业产出和投资，而零售销售低于预期。周一的数据显示，中国人民银行将于周四公布一年期和五年期贷款最优惠利率。人民币今年已升值超过1%。由于第三波Covid-19感染即将到来，南非周四可能维持利率不变。周三的数据可能显示，该国4月份的总体消费者价格指数同比上涨4.3%，但仍低于本季度4.5%的目标区间中点。</blockquote>Chile Votes<blockquote>智利投票</blockquote>Chile’s right-wing government coalition likely secured fewer than a third of the seats on the Constitutional Assembly in this weekend’s historic elections, making it more difficult to block major changes and leaving independent and the opposition left-wing parties with more sway to rewrite the new charterBank of America Securities cautioned last week that treating the elections as a “non-event” may come with negative surprises as polls suggested a high share of undecided votersThe nation’s first-quarter gross domestic product data on Tuesday will be an indication if economic recovery is on track, with the consensus of economists surveyed by Bloomberg expecting a 0.5% increase from a year earlier<blockquote>智利右翼政府联盟可能在本周末的历史性选举中获得不到制宪会议三分之一的席位，这使得阻止重大变革变得更加困难，并使独立党和反对党左翼政党在改写新宪章方面拥有更大的影响力。美国银行证券上周警告说，将选举视为 “非事件 ”可能会带来负面意外，因为民意调查显示未决定投票权的选民比例很高。周二公布的智利第一季度国内生产总值数据将表明经济复苏是否步入正轨，彭博社调查的经济学家一致预计，经济复苏将比去年同期增长 0.5%。</blockquote>Biden-Moon Meeting<blockquote>拜登-文在寅会晤</blockquote>U.S. President Joe Biden will meet his South Korean counterpart Moon Jae-in on Friday, with North Korea high on the agenda. Moon will be only the second foreign leader since Biden’s inauguration to visit the White HouseSouth Korea’s won posted the worst decline in Asia this past month<blockquote>美国总统乔·拜登将于周五会见韩国总统文在寅，朝鲜问题是议程的重中之重。文在寅将是拜登就职以来第二位访问白宫的外国领导人。韩国的韩元是过去一个月亚洲最严重的跌幅。</blockquote>Data and Events<blockquote>数据和事件</blockquote>Thailand’s economic contraction continued into the start of year, setting the stage for a further slump as the country now faces its worst wave of Covid-19 cases<blockquote>泰国的经济萎缩持续到今年年初，为进一步下滑埋下了伏笔，因为该国目前正面临着最严重的 Covid-19 病例浪潮。</blockquote>Gross domestic product in the first quarter shrank 2.6% from a year earlier, the National Economic and Social Development Council said Monday, compared with a median estimate of -3.3% in a Bloomberg survey and improving from the prior quarter’s 4.2% contractionThailand will publish customs trade figures on Friday. The weaker baht may have improved the competitiveness of the country’s exports, which rose 8.5% in March from a year earlierThe Philippines on Monday may release March data for overseas workers’ remittances, a key source of foreign exchangeIndonesia will announce April trade figures on ThursdayTaiwan’s export orders for April are due on Thursday. The Taiwan dollar has outpaced all of its Asian peers this year amid buoyant demand for semiconductorsRussia’s 1Q GDP reading could beat consensus, with a slowing virus outbreak and rising oil output, according to Bloomberg EconomicsThe ruble has topped most peers in the past monthA reading of Peru’s March economic activity on Monday and first-quarter GDP data Thursday will probably show that the nation is recovering even as the rate lingers below pre-pandemic levelsIn Argentina, Bloomberg Economics expects a Thursday reading of March activity to show a near-recovery of February’s decline following the relaxation of several pandemic-induced restrictionsThe peso is the worst currency in Latin America this yearMexico will post its March retail sales on Friday, which traders will monitor for signs of recovering household demandBrazil’s Senate is set to continue its probe into the handling of the Covid-19 crisis, which could impact the political and electoral outlook, according to Bloomberg Economics. Any developments on tax reform plans will also be a key driverThe real, which outperformed all its regional peers over the past month, could see even more support as local investors trim long-standing bets against the currency.<blockquote>泰国国家经济和社会发展委员会（National Economic and Social Development Council）周一表示，第一季度国内生产总值同比萎缩2.6%，而彭博社调查的预估中值为-3.3%，较上一季度4.2%的萎缩有所改善。泰铢走软可能提高了该国出口的竞争力，3 月份出口同比增长了 8.5% 菲律宾周一可能公布 3 月份海外工人汇款数据，这是外汇的一个重要来源 印度尼西亚将于周四公布 4 月份的贸易数据 台湾 4 月份的出口订单将于周四到期。在半导体需求旺盛的情况下，新台币今年的汇率超过了所有亚洲货币。彭博经济公司（Bloomberg Economics）表示，由于病毒爆发放缓和石油产量上升，俄罗斯第一季度GDP数据可能会超出市场预期。卢布在过去一个月中超过了大多数同行。周一公布的秘鲁3月份经济活动数据和周四公布的第一季度GDP数据可能会显示，该国正在复苏，尽管利率仍低于大流行前的水平。在阿根廷，彭博经济公司（Bloomberg Economics）预计，在放松了几项大流行引发的限制措施后，周四公布的3月份经济活动数据将显示，在2月份的跌幅接近复苏。比索是今年拉丁美洲最糟糕的货币。墨西哥将于周五公布3月份零售销售数据，贸易商将密切关注其迹象。据彭博经济报道。税收改革计划的任何进展也将是一个关键驱动因素。过去一个月，雷亚尔的表现优于所有地区同行，随着当地投资者减少对货币的长期押注，雷亚尔可能会获得更多支持。</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Money Managers Say It’s Time to Get Picky in Emerging Markets<blockquote>基金经理表示，是时候在新兴市场变得挑剔了</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMoney Managers Say It’s Time to Get Picky in Emerging Markets<blockquote>基金经理表示，是时候在新兴市场变得挑剔了</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-05-17 13:34\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- Emerging-market investors are turning more selective as last year’s everything rally splinters under the weight of higher inflation expectations.<blockquote>(彭博社）--随着去年的一切反弹在通胀预期上升的重压下分崩离析，新兴市场投资者变得更加挑剔。</blockquote>Exposure to U.S. growth and the impact from higher commodity prices are some of the criteria used by money managers from JPMorgan Asset Management to State Street Corp. Mexico, South Africa and Taiwan rank among the top choices as firms pare back their bullish bets for developing-nation assets, according to recent surveys.<blockquote>从摩根大通资产管理公司（JPMorgan Asset Management）到道富银行（State Street Corp.）等基金经理使用的一些标准是美国经济增长敞口和大宗商品价格上涨的影响。随着企业减少对发展中国家资产的看涨押注，墨西哥、南非和台湾是首选。最近的调查显示。</blockquote>“There is still meaningful scope to generate returns within EM as long as investors are able to differentiate,” said Tai Hui, chief Asia market strategist at JPMorgan Asset Management in Hong Kong.<blockquote>“摩根大通资产管理公司驻香港首席亚洲市场策略师 Tai Hui 表示：”只要投资者能够区分开来，新兴市场仍有很大的回报空间。</blockquote>Investor enthusiasm toward emerging-market assets has waned this year as Covid-19 infections engulf nations from India to Brazil while Treasury yields push higher amid rising price pressures. The MSCI Emerging Markets Index has slid almost 10% since its mid-February high and the Bloomberg Barclays EM Local Currency Government Bond Index is down 1.6% from its January peak.<blockquote>今年，随着 Covid-19 感染席卷从印度到巴西的多个国家，而国债收益率在价格压力上升的情况下走高，投资者对新兴市场资产的热情有所减弱。摩根士丹利资本国际新兴市场指数自 2 月中旬高点以来已下跌近 10%，彭博巴克莱新兴市场本币政府债券指数较 1 月峰值下跌 1.6%。</blockquote>U.S. Exposure<blockquote>美国风险敞口</blockquote>With a strong recovery in the world’s largest economy set to drive global growth this year, investors are looking for ways to piggy-back on that trend.<blockquote>随着世界最大经济体今年的强劲复苏将推动全球经济增长，投资者正在寻找利用这一趋势的方法。</blockquote>That makes Mexican, Taiwanese and South Korean equities attractive given their strong ties to the U.S., said Shaniel Ramjee, a senior investment manager at Pictet Asset Management in London, who helps manage $252 billion.<blockquote>伦敦百达资产管理公司（Pictet Asset Management）高级投资经理沙尼尔·拉姆吉（Shaniel Ramjee）表示，鉴于墨西哥、台湾和韩国股市与美国的紧密联系，这使得它们具有吸引力，她帮助管理着 2,520 亿美元的资产。</blockquote>The Mexican stock benchmark has climbed 12% this year, easily beating the 1% rise in MSCI’s index of developing-nation shares. The South Korean and Taiwanese equivalents are also outperforming, though the latter saw a steep selloff last week amid jitters over a Covid-19 outbreak and pricey tech stocks.<blockquote>墨西哥股市基准今年已攀升 12%，轻松超过 MSCI 发展中国家股票指数 1% 的涨幅。韩国和台湾的同类产品也表现出色，尽管后者上周因 Covid-19 爆发和昂贵的科技股而出现大幅抛售。</blockquote>Tech Dominance Haunts Taiwan in Global Selloff: Taking Stock<blockquote>科技主导地位在全球抛售中困扰台湾：盘点</blockquote>Commodity Surge<blockquote>大宗商品飙升</blockquote>The connection to commodity prices is also boosting the Mexican peso, said Emily Weis, a macro strategist at State Street in Boston. A combination of stimulus measures, vaccine rollouts and supply shortages has pushed everything from copper to lumber and iron ore to multiyear highs or records.<blockquote>波士顿道富银行宏观策略师艾米丽·韦斯表示，与大宗商品价格的联系也在提振墨西哥比索。刺激措施、疫苗推出和供应短缺的结合，已将从铜到木材和铁矿石的所有商品推至多年高点或创纪录。</blockquote>“Improving commodity prices are still a net positive for EM commodities currencies given the sheer percentage of exports,” Weis said.<blockquote>“魏斯说：”考虑到出口所占的比例，大宗商品价格的改善仍然是新兴市场大宗商品货币的净利好。</blockquote>The Russian ruble and South African rand also stand to benefit from the commodities rebound, according to Pictet’s Ramjee. The rand is the top emerging-market currency year-to-date thanks in part to South Africa’s exports of metals like platinum and iron ore, while the ruble has benefited from Russia’s oil exposure.<blockquote>Pictet 的 Ramjee 认为，俄罗斯卢布和南非兰特也将受益于大宗商品的反弹。兰特是今年迄今为止最大的新兴市场货币，部分原因是南非出口了铂金和铁矿石等金属，而卢布则受益于俄罗斯的石油敞口。</blockquote>But perhaps nowhere is the power of the commodity boom more on display than Brazil, where exports of soybeans and iron ore have boosted the real.<blockquote>但或许没有哪个地方比巴西更能体现大宗商品繁荣的力量，巴西的大豆和铁矿石出口提振了雷亚尔。</blockquote>Other nations haven’t been so lucky. Currencies in Colombia, Argentina, Peru and Turkey -- countries with some of the biggest increases in virus infections globally -- are among the worst performers in emerging markets this year.<blockquote>其他国家就没这么幸运了。哥伦比亚、阿根廷、秘鲁和土耳其的货币是今年新兴市场中表现最差的国家之一，这些国家是全球病毒感染人数增幅最大的国家。</blockquote>Yield Spike<blockquote>产量峰值</blockquote>Some investors say they’re sticking with local currency-denominated bonds that may be more insulated from American monetary policy.<blockquote>一些投资者表示，他们坚持持有以本币计价的债券，这种债券可能更能与美国的货币政策隔绝。</blockquote>“Local markets are becoming more attractive,” said Shamaila Khan, the head of emerging-market debt at AllianceBernstein in New York, singling out South African, Russian and Mexican local bonds as among the most appealing. “Selectively, we are finding value.”<blockquote>“纽约 AllianceBernstein 新兴市场债务主管沙迈拉-汗（Shamaila Khan）说：”本地市场正变得越来越有吸引力。“我们有选择地寻找价值”。</blockquote>Rate Calls<blockquote>费率评级</blockquote>The People’s Bank of China added 100 billion yuan ($15.5 billion) of one-year funds with its medium-term lending facility on Monday, matching the amount coming due in a move that was expected by analysts. The authorities kept the interest rate unchanged at 2.95%<blockquote>中国人民银行周一在其中期贷款便利中增加了 1000 亿元人民币（155 亿美元）的一年期资金，与分析师的预期相符。当局将利率维持在2.95%不变</blockquote>China’s recovery was a mixed bag in April, with industrial output and investment buoyed by strong exports and a hot property market, while retail sales missed forecasts, data on Monday showedThe PBOC will publish the one-year and five-year loan prime rates on ThursdayThe yuan has gained more than 1% this yearSouth Africa will probably keep its interest rate unchanged on Thursday amid an imminent third wave of Covid-19 infectionsData on Wednesday will probably show the nation’s headline consumer-price index rose 4.3% in April from a year earlier, though that’s still below the 4.5% midpoint of its target range this quarter<blockquote>中国4月份的复苏喜忧参半，强劲的出口和火热的房地产市场提振了工业产出和投资，而零售销售低于预期。周一的数据显示，中国人民银行将于周四公布一年期和五年期贷款最优惠利率。人民币今年已升值超过1%。由于第三波Covid-19感染即将到来，南非周四可能维持利率不变。周三的数据可能显示，该国4月份的总体消费者价格指数同比上涨4.3%，但仍低于本季度4.5%的目标区间中点。</blockquote>Chile Votes<blockquote>智利投票</blockquote>Chile’s right-wing government coalition likely secured fewer than a third of the seats on the Constitutional Assembly in this weekend’s historic elections, making it more difficult to block major changes and leaving independent and the opposition left-wing parties with more sway to rewrite the new charterBank of America Securities cautioned last week that treating the elections as a “non-event” may come with negative surprises as polls suggested a high share of undecided votersThe nation’s first-quarter gross domestic product data on Tuesday will be an indication if economic recovery is on track, with the consensus of economists surveyed by Bloomberg expecting a 0.5% increase from a year earlier<blockquote>智利右翼政府联盟可能在本周末的历史性选举中获得不到制宪会议三分之一的席位，这使得阻止重大变革变得更加困难，并使独立党和反对党左翼政党在改写新宪章方面拥有更大的影响力。美国银行证券上周警告说，将选举视为 “非事件 ”可能会带来负面意外，因为民意调查显示未决定投票权的选民比例很高。周二公布的智利第一季度国内生产总值数据将表明经济复苏是否步入正轨，彭博社调查的经济学家一致预计，经济复苏将比去年同期增长 0.5%。</blockquote>Biden-Moon Meeting<blockquote>拜登-文在寅会晤</blockquote>U.S. President Joe Biden will meet his South Korean counterpart Moon Jae-in on Friday, with North Korea high on the agenda. Moon will be only the second foreign leader since Biden’s inauguration to visit the White HouseSouth Korea’s won posted the worst decline in Asia this past month<blockquote>美国总统乔·拜登将于周五会见韩国总统文在寅，朝鲜问题是议程的重中之重。文在寅将是拜登就职以来第二位访问白宫的外国领导人。韩国的韩元是过去一个月亚洲最严重的跌幅。</blockquote>Data and Events<blockquote>数据和事件</blockquote>Thailand’s economic contraction continued into the start of year, setting the stage for a further slump as the country now faces its worst wave of Covid-19 cases<blockquote>泰国的经济萎缩持续到今年年初，为进一步下滑埋下了伏笔，因为该国目前正面临着最严重的 Covid-19 病例浪潮。</blockquote>Gross domestic product in the first quarter shrank 2.6% from a year earlier, the National Economic and Social Development Council said Monday, compared with a median estimate of -3.3% in a Bloomberg survey and improving from the prior quarter’s 4.2% contractionThailand will publish customs trade figures on Friday. The weaker baht may have improved the competitiveness of the country’s exports, which rose 8.5% in March from a year earlierThe Philippines on Monday may release March data for overseas workers’ remittances, a key source of foreign exchangeIndonesia will announce April trade figures on ThursdayTaiwan’s export orders for April are due on Thursday. The Taiwan dollar has outpaced all of its Asian peers this year amid buoyant demand for semiconductorsRussia’s 1Q GDP reading could beat consensus, with a slowing virus outbreak and rising oil output, according to Bloomberg EconomicsThe ruble has topped most peers in the past monthA reading of Peru’s March economic activity on Monday and first-quarter GDP data Thursday will probably show that the nation is recovering even as the rate lingers below pre-pandemic levelsIn Argentina, Bloomberg Economics expects a Thursday reading of March activity to show a near-recovery of February’s decline following the relaxation of several pandemic-induced restrictionsThe peso is the worst currency in Latin America this yearMexico will post its March retail sales on Friday, which traders will monitor for signs of recovering household demandBrazil’s Senate is set to continue its probe into the handling of the Covid-19 crisis, which could impact the political and electoral outlook, according to Bloomberg Economics. Any developments on tax reform plans will also be a key driverThe real, which outperformed all its regional peers over the past month, could see even more support as local investors trim long-standing bets against the currency.<blockquote>泰国国家经济和社会发展委员会（National Economic and Social Development Council）周一表示，第一季度国内生产总值同比萎缩2.6%，而彭博社调查的预估中值为-3.3%，较上一季度4.2%的萎缩有所改善。泰铢走软可能提高了该国出口的竞争力，3 月份出口同比增长了 8.5% 菲律宾周一可能公布 3 月份海外工人汇款数据，这是外汇的一个重要来源 印度尼西亚将于周四公布 4 月份的贸易数据 台湾 4 月份的出口订单将于周四到期。在半导体需求旺盛的情况下，新台币今年的汇率超过了所有亚洲货币。彭博经济公司（Bloomberg Economics）表示，由于病毒爆发放缓和石油产量上升，俄罗斯第一季度GDP数据可能会超出市场预期。卢布在过去一个月中超过了大多数同行。周一公布的秘鲁3月份经济活动数据和周四公布的第一季度GDP数据可能会显示，该国正在复苏，尽管利率仍低于大流行前的水平。在阿根廷，彭博经济公司（Bloomberg Economics）预计，在放松了几项大流行引发的限制措施后，周四公布的3月份经济活动数据将显示，在2月份的跌幅接近复苏。比索是今年拉丁美洲最糟糕的货币。墨西哥将于周五公布3月份零售销售数据，贸易商将密切关注其迹象。据彭博经济报道。税收改革计划的任何进展也将是一个关键驱动因素。过去一个月，雷亚尔的表现优于所有地区同行，随着当地投资者减少对货币的长期押注，雷亚尔可能会获得更多支持。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/money-managers-time-picky-emerging-121015163.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/money-managers-time-picky-emerging-121015163.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176368726","content_text":"(Bloomberg) -- Emerging-market investors are turning more selective as last year’s everything rally splinters under the weight of higher inflation expectations.Exposure to U.S. growth and the impact from higher commodity prices are some of the criteria used by money managers from JPMorgan Asset Management to State Street Corp. Mexico, South Africa and Taiwan rank among the top choices as firms pare back their bullish bets for developing-nation assets, according to recent surveys.“There is still meaningful scope to generate returns within EM as long as investors are able to differentiate,” said Tai Hui, chief Asia market strategist at JPMorgan Asset Management in Hong Kong.Investor enthusiasm toward emerging-market assets has waned this year as Covid-19 infections engulf nations from India to Brazil while Treasury yields push higher amid rising price pressures. The MSCI Emerging Markets Index has slid almost 10% since its mid-February high and the Bloomberg Barclays EM Local Currency Government Bond Index is down 1.6% from its January peak.U.S. ExposureWith a strong recovery in the world’s largest economy set to drive global growth this year, investors are looking for ways to piggy-back on that trend.That makes Mexican, Taiwanese and South Korean equities attractive given their strong ties to the U.S., said Shaniel Ramjee, a senior investment manager at Pictet Asset Management in London, who helps manage $252 billion.The Mexican stock benchmark has climbed 12% this year, easily beating the 1% rise in MSCI’s index of developing-nation shares. The South Korean and Taiwanese equivalents are also outperforming, though the latter saw a steep selloff last week amid jitters over a Covid-19 outbreak and pricey tech stocks.Tech Dominance Haunts Taiwan in Global Selloff: Taking StockCommodity SurgeThe connection to commodity prices is also boosting the Mexican peso, said Emily Weis, a macro strategist at State Street in Boston. A combination of stimulus measures, vaccine rollouts and supply shortages has pushed everything from copper to lumber and iron ore to multiyear highs or records.“Improving commodity prices are still a net positive for EM commodities currencies given the sheer percentage of exports,” Weis said.The Russian ruble and South African rand also stand to benefit from the commodities rebound, according to Pictet’s Ramjee. The rand is the top emerging-market currency year-to-date thanks in part to South Africa’s exports of metals like platinum and iron ore, while the ruble has benefited from Russia’s oil exposure.But perhaps nowhere is the power of the commodity boom more on display than Brazil, where exports of soybeans and iron ore have boosted the real.Other nations haven’t been so lucky. Currencies in Colombia, Argentina, Peru and Turkey -- countries with some of the biggest increases in virus infections globally -- are among the worst performers in emerging markets this year.Yield SpikeSome investors say they’re sticking with local currency-denominated bonds that may be more insulated from American monetary policy.“Local markets are becoming more attractive,” said Shamaila Khan, the head of emerging-market debt at AllianceBernstein in New York, singling out South African, Russian and Mexican local bonds as among the most appealing. “Selectively, we are finding value.”Rate CallsThe People’s Bank of China added 100 billion yuan ($15.5 billion) of one-year funds with its medium-term lending facility on Monday, matching the amount coming due in a move that was expected by analysts. The authorities kept the interest rate unchanged at 2.95%China’s recovery was a mixed bag in April, with industrial output and investment buoyed by strong exports and a hot property market, while retail sales missed forecasts, data on Monday showedThe PBOC will publish the one-year and five-year loan prime rates on ThursdayThe yuan has gained more than 1% this yearSouth Africa will probably keep its interest rate unchanged on Thursday amid an imminent third wave of Covid-19 infectionsData on Wednesday will probably show the nation’s headline consumer-price index rose 4.3% in April from a year earlier, though that’s still below the 4.5% midpoint of its target range this quarterChile VotesChile’s right-wing government coalition likely secured fewer than a third of the seats on the Constitutional Assembly in this weekend’s historic elections, making it more difficult to block major changes and leaving independent and the opposition left-wing parties with more sway to rewrite the new charterBank of America Securities cautioned last week that treating the elections as a “non-event” may come with negative surprises as polls suggested a high share of undecided votersThe nation’s first-quarter gross domestic product data on Tuesday will be an indication if economic recovery is on track, with the consensus of economists surveyed by Bloomberg expecting a 0.5% increase from a year earlierBiden-Moon MeetingU.S. President Joe Biden will meet his South Korean counterpart Moon Jae-in on Friday, with North Korea high on the agenda. Moon will be only the second foreign leader since Biden’s inauguration to visit the White HouseSouth Korea’s won posted the worst decline in Asia this past monthData and EventsThailand’s economic contraction continued into the start of year, setting the stage for a further slump as the country now faces its worst wave of Covid-19 casesGross domestic product in the first quarter shrank 2.6% from a year earlier, the National Economic and Social Development Council said Monday, compared with a median estimate of -3.3% in a Bloomberg survey and improving from the prior quarter’s 4.2% contractionThailand will publish customs trade figures on Friday. The weaker baht may have improved the competitiveness of the country’s exports, which rose 8.5% in March from a year earlierThe Philippines on Monday may release March data for overseas workers’ remittances, a key source of foreign exchangeIndonesia will announce April trade figures on ThursdayTaiwan’s export orders for April are due on Thursday. The Taiwan dollar has outpaced all of its Asian peers this year amid buoyant demand for semiconductorsRussia’s 1Q GDP reading could beat consensus, with a slowing virus outbreak and rising oil output, according to Bloomberg EconomicsThe ruble has topped most peers in the past monthA reading of Peru’s March economic activity on Monday and first-quarter GDP data Thursday will probably show that the nation is recovering even as the rate lingers below pre-pandemic levelsIn Argentina, Bloomberg Economics expects a Thursday reading of March activity to show a near-recovery of February’s decline following the relaxation of several pandemic-induced restrictionsThe peso is the worst currency in Latin America this yearMexico will post its March retail sales on Friday, which traders will monitor for signs of recovering household demandBrazil’s Senate is set to continue its probe into the handling of the Covid-19 crisis, which could impact the political and electoral outlook, according to Bloomberg Economics. Any developments on tax reform plans will also be a key driverThe real, which outperformed all its regional peers over the past month, could see even more support as local investors trim long-standing bets against the currency.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2881,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":14,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/192729885"}