新興市場債券每月評論 – 2023年10月(只供英文版)

投資團隊將提供新興市場債券市場的最新觀點,並分享最新的前景展望及現時自上而下的部署。

2023年11月8日

14分鐘

新興市場債券團隊

Chapters

01
Market background
02
Top-down views and outlook
03
Africa
04
Asia
05
Latin America
06
Central and Eastern Europe, Middle East and South Africa
07
EM corporate debt highlights
01

Market background

Close-up of dark green leaves
The theme of US interest rates remaining ‘higher for longer’ continued into October, reflecting the ongoing resilience of the US economy. US Treasuries continued to sell-off over the month, with the 10-year exceeding 5% for the first time since 2007, before ending the month at 4.93%.

The main theme driving financial markets in September – market participants pricing in a ‘higher for longer’ interest rate outlook in the US – continued into October. This reflected the ongoing resilience of the US economy – stronger employment data and economic activity, coupled with higher core inflation all contributed to the continued sell-off in US Treasuries. Yields on 5, 10 and 30-year US government bonds all rose significantly, with 10-year bonds exceeding 5% for the first time since 2007, before ending the month at 4.93%. In Europe, economic data was much softer than in the US, as was CPI inflation, which helped European sovereign yields to remain steady over the month.

Global financial markets were also negatively impacted by the conflict between Israel and Hamas. Volatility in oil markets saw the price of Brent crude end the month down 8.3% after an initial sharp rise of 7.5% when the conflict started.

Elsewhere in emerging markets (EMs), core inflation continues to be relatively low in Asia, while exports in North Asia (Taiwan, Korea and Singapore) had a strong month, led by the tech sector. In China, economic data was generally better than expected, including a higher-than-consensus GDP print, but consumer sentiment and property data remained muted. In Latin America, the Chilean central bank cut rates by 50bps instead of the 75bps expected, while in Costa Rica, S&P ratings upgraded the country’s credit rating to BB- from B+.

Turning to EM fixed income indices, the local bond index (JP Morgan GBI-EM GD unhedged) fell 0.5%, with most of this coming from EMFX, given the US dollar’s strength over the month; hedged bonds were broadly flat. In the hard currency space, sovereign bonds fell 1.4% (JP Morgan EMBI BD), while EM corporates fell 1.2% (JP Morgan CEMBI BD).

作者

新興市場債券團隊

重要資訊

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