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Bloomberg

EM Review: Biden Inauguration Helped Push Stocks to Fresh Highs[1]

(Bloomberg) — A series of fresh records in emerging-market stocks led to a fourth weekly advance, even as Covid lockdowns hit risk appetite on Friday. Optimism over additional U.S. stimulus under President Joe Biden and the dovish outlook for major central banks supported the gains. Chinese and South Korean data showed the economic recovery in Asia is gaining momentum, though risks remain in the form of U.S.-China tensions as Biden begins his presidency. Developing-nation currencies were little changed as policy makers in some emerging economies signaled a hawkish turn, while virus concerns weighed on risky assets and boosted the dollar.The following is a roundup of emerging-market news and highlights for the week through Jan. 22:Highlights:Biden’s inaugural address included an appeal to end America’s “uncivil war” and reset the tone in Washington. He embarked on a blitz of executive actions spanning immigration to climate and healthJanet Yellen invoked an enduring era of low interest rates in delivering the Biden administration’s opening argument to lawmakers for its $1.9 trillion Covid-19 relief proposalThe House’s article of impeachment against former President Donald Trump will be delivered to the Senate on Monday, triggering the start of his unprecedented second trial in the chamberBiden’s cabinet picks signaled the new administration would continue some of Donald Trump’s hard-line economic policies toward ChinaIn one of the final acts of the Trump administration, the U.S. government notified several of Huawei Technologies Co.’s suppliers that it’s revoking their licenses to work with the Chinese companyChina failed to meet its 2020 trade deal targets with the U.S. in a year marked by pandemic-related disruptions and an increasingly tense relationship with the Trump administrationAs concern over vaccine disparity across the world deepens, the World Health Organization is struggling to keep pace with rich western countries in apporving shots for use — slowing down the Covax initiative which poorer countries are relying on for inoculationHong Kong for the first time will lock down tens of thousands of residents in a bid to contain a worsening outbreak of the coronavirus, local media outlets reportedMexico had a record daily increase of 1,803 Covid-19 deaths, Health Ministry data showedIndia will begin shipments of Covid-19 vaccines to Brazil and Morocco, followed by Saudi Arabia and South AfricaIndonesia recorded its highest number of fatalities from the coronavirus since the outbreak began as movement restrictions were extended in two major islandsChina’s economy roared back to pre-pandemic growth rates in the fourth quarter as its industrial engines fired up to meet surging demand for exportsSouth Korea’s early trade data showed exports continued to rise in January, as demand for tech products stayed resilient amid a global resurgence of the coronavirusIndonesia’s central bank left its key interest rate unchanged at a record low, projecting optimism the economy is recovering and inflation will remain tameMalaysia kept its benchmark rate unchanged, saving its policy ammunition as the country grapples with a surge in Covid infectionsTurkey’s central bank left its key rate at 17% at the first meeting of the year, pledging to keep it elevated for an “extended” periodBrazil’s central bank kept the Selic unchanged at 2% for the fourth meeting but dropped its pledge to keep borrowing costs steady in the foreseeable futureSouth Africa’s central bank held its benchmark rate for a third meeting and signaled tightening may start sooner than previously indicatedAsia:China sanctioned former U.S. Secretary of State Michael Pompeo and other former Trump administration officials just as President Biden was being inaugurated. The White House called the last-minute moves “unproductive”China’s Sinovac Biotech Ltd. defended the efficacy of its Covid-19 shot, saying the vaccine is more effective in preventing the disease if the two-dose regime is administered over a longer time frameThe country expects a sharp downturn in travel over the Lunar New Year period compared with pre-pandemic levels following new restrictions to control coronavirus outbreaksChina’s holdings of U.S. government debt rose in November after declining for the prior five monthsInvestors in mainland China are showing unprecedented interest in Hong Kong stocksThe yuan foreign exchange rate is at a reasonable equilibrium level, a spokesperson for State Administration of Foreign Exchange saidChina should keep necessary support to the economy as its development still faces huge challenges and uncertainties, China National Radio reported, citing premier Li KeqiangSouth Korea’s President Moon Jae-in said he would push for an early summit with U.S. leader Joe Biden to revive stalled nuclear talksThe country revised foreign-exchange prudential regulations, particularly targeted on non-bank financial institutions; the government is planning to delay the lifting of a short-selling banPresident Moon said he’s planning “extraordinary” measures to increase housing in a bid to rein in soaring home pricesIndian bond traders are bracing for more turmoil after the central bank signaled its intention to keep raising money-market ratesIndia’s troubled shadow banks face mounting challenges to a nascent recovery from the pandemicIndia’s benchmark S&P BSE Sensex climbed above 50,000 for the first time as foreign funds bought local stocks amid optimism over a strong post-pandemic economic recoveryPakistan’s central bank left its borrowing costs unchanged and favored keeping it lower for longer to help spur economic revival from the pandemic-induced slumpThailand’s exports rose in December by 4.71%, beating economists’ estimate of a 1.35% contraction, in line with gradual global economic recovery with growth seen in industrial goods, foods, work-from-home and Covid-19 related productsThe country’s unemployed climbed to 590,000, or 1.5% of the workforce, an increase of 223,000 from a year agoFinance Ministry expects the economy will grow 4%-to-5% this year compared with 2020, which it forecast saw a contraction of 6%Bangkok Metropolitan Administration will propose to ease restrictions imposed earlier to contain a new wave of Covid-19 outbreak on some businessesIndonesia’s central bank Governor Perry Warjiyo said it has policy space to lower its benchmark interest rate furtherThe country is set to remove energy, communications and tourism from a list of sectors restricted to foreigners in a bid to boost investments and create jobsPresident Joko Widodo said the government seeks to vaccinate all 181.5 million people in its Covid-19 vaccination program by year-endThe nation has given the first dose of Covid-19 vaccines to more than 60,000 people in the first week of its mass inoculation programMalaysian Opposition Leader Anwar Ibrahim has instructed his legal team to challenge Prime Minister Muhyiddin Yassin and the government on “their baseless declaration” of emergencyThe country unveiled a 15 billion ringgit ($3.7 billion) package to help the economy weather the impact from a fresh surge in coronavirus casesPalm oil production in Malaysia is being dealt a double blow from a shortage of workers to harvest the crop and torrential rains that have triggered floodsMalaysia’s economic growth this year will likely be at the lower end of its forecast range due to renewed movement restrictionsThe Philippines may triple pork imports after prices nearly doubled from last year as the African swine fever cut suppliesThe nation’s central bank has “ample room” to keep monetary policy loose as inflation remains well-anchored despite a recent rise in consumer prices, Deputy Governor Francis Dakila saidBangko Sentral ng Pilipinas Governor Benjamin Diokno was discharged from hospital amid his steady recovery from a medical procedureThe Philippines is nearing a deal with Moderna Inc. for as much as 20 million vaccine doses as it monitors a post-holiday spike in coronavirus cases outside ManilaTaiwan approved $5.9 billion of investments in China last year, 41.5% higher than in 2019December export orders rose 38% year-on-year to a record $60.6 billionEight foreign grain firms’ Taiwan units engaged in currency speculation by deliverable forwards trading totaling $11 billion as of July 2020, according to Taiwan’s central bankEMEA:Russia’s jailed opposition leader Alexey Navalny urged Western governments to sanction key allies of President Vladimir Putin as Russia ignores U.S. and European calls to free himCurrency forecasters surveyed by Bloomberg are betting that a global economic recovery and higher demand for risky assets will help the Russian ruble strengthen beyond 70 per dollarTurkey attracted record demand for its first Eurobond sale of the year, raising $3.5 billion via a two-part offering of dollar-denominated securitiesBiden’s pick to lead the State Department said the U.S. would decide whether more steps need to be taken against Turkey once it determines the impact of sanctions already imposed over Ankara’s acquisition of a Russian missile systemTurkish investors couldn’t ignore the gains by their local currency since President Recep Tayyip Erdogan shook up his economic management, selling a sizable amount of their foreign-exchange deposits for the first time since OctoberPoland’s MBank SA is finally facing up to potential losses from a legal battle over Swiss-franc loans in a sign of accumulating pain for the country’s financial industryPKO Bank Polski SA is setting up a specialized fund to help with coal-dependent country’s transition to clean sources of energyUkraine is in talks with the International Monetary Fund to extend its $5 billion aid program as the government needs more time to meet the lender’s conditions, according to a person familiar with the discussions.South African inflation slowed for a second month, moving closer to the bottom of the central bank’s target rangeThe country’s genomic scientists have found the new coronavirus variant driving the resurgence of new cases is about 50% more transmissible than earlier versionsNigeria will struggle to attract the investment it needs to drive recovery if authorities fail to address negative returns on financial assets, an adviser to President Muhammadu Buhari saidThe country expects to take delivery of its first coronavirus vaccine doses in February, with health workers, top government officials and vulnerable people to be given priorityThe sale of additional stakes in already publicly traded state-owned Kenyan companies is expected to climb as much as 300 billion shillings ($2.7 billion), according to the head of the bourseThe Nairobi Securities Exchange plans to expand the Kenyan market with four publicly traded companies and as many corporate bonds in 2021Glencore Plc has agreed to sell its stake in Mopani Copper Mines Plc to the Zambian government for $1.5 billion, but will get just $1 upfrontUgandan opposition leader Bobi Wine faces a daunting challenge as he seeks to overturn President Yoweri Museveni’s victoryDubai ordered hotels and restaurants to halt entertainment activities and asked hospitals to cancel elective surgeries following a record daily surge in coronavirus casesBahrain sold $2 billion of bonds, taking advantage of investors’ appetite for yield as it seeks to plug one of the widest budget deficits in the regionSaudi Arabia plans to provide long-term loans to listed companies as part of efforts to encourage private sector firms to float their shares on the kingdom’s stock exchangeThe United Arab Emirates has now administered more than two million coronavirus vaccine doses as it tries to emerge from the pandemic that has ravaged the key tourism industryLatin America:Brazil’s economic activity slowed in November as the government pared back emergency cash handouts to informal workers amid the coronavirus pandemicPresident Jair Bolsonaro, Latin America’s biggest adherent of Donald Trump’s fiery brand of politics, tried to bury the hatchet with Joe Biden on his first day in the White HouseWhile Brazil had a late start to its vaccination campaign, Sao Paulo is now leading the charge, giving out almost 25,000 doses in the five days since the health regulator cleared two vaccines for emergency useChina’s Embassy in Brazil is in contact with Brazilian authorities and will make every effort to boost exports of vaccine supplies to BrazilSenators are likely to consider a new round of financial help for vulnerable Brazilians as soon as a new head of the upper house is elected in FebruaryBrazilian President Jair Bolsonaro‘s approval rating cratered amid a surging death toll from the coronavirus and confusion over a national vaccination plan, according to a survey published on FridayMexican President Andres Manuel Lopez Obrador said the central bank’s concerns should be taken into account in a bill the monetary authority has warned could force it to buy illicit dollars from local banksThe nation’s Covid-19 vaccination drive will be interrupted for two weeks as Pfizer, its sole provider so far, pauses shipments to adjust its production worldwideTwitter Inc. rebuffed a claim by President Andres Manuel Lopez Obrador that the social media giant is biased against his administration in a series of tweets posted to the Twitter Mexico accountChile raised about $4.25 billion in euro and U.S. dollar markets, including the biggest sustainability bond issued by a Latin American sovereign in foreign debt marketsVenezuela warned foreign oil companies including Chevron Corp. and Repsol SA that their licenses are at risk unless they help the OPEC nation reverse a historic slump in output, according to people familiarThe country’s banking regulator Sudeban issued a notice informing all banks that they are prohibited from offering loans in foreign currency in any form without authorizationArgentina won’t need a new version of the emergency paycheck relief program it implemented last year amid the pandemic, according to a senior government official, removing a threat hanging over the country’s weakened fiscal positionInvestment firms are organizing into two groups to negotiate after Argentina’s YPF proposed a debt swap that would saddle them with lossesAn ally of Argentina’s Vice President Cristina Fernandez de Kirchner, who nationalized YPF nearly a decade ago, is poised to take over as chairman as the state-run oil driller and refiner restructures its debtU.S.-traded shares for YPF SA bounced back after Argentina’s Economy Minister moved to quash speculation that the government would fully nationalize the state-run energy companyPanama’s government tapped the global bond market for $2.45 billion one day after securing a $2.7 billion credit line from the International Monetary Fund, as it looks to lock in low borrowing costsHundreds of Honduran migrants trying to reach the U.S. have been deported by Guatemala following clashes with security forces over the weekendIMF reached a staff level agreement with Costa Rica on a three-year, $1.75 billion extended fund facility, the fund said in a statementEcuador vaccinated medical staff and senior citizens at several locations as it began to use its first 8,000 Pfizer Inc.-BioNTech SE vaccinesFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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