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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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  • The rise in energy prices is likely to keep inflationary pressures elevated longer than previously expected in most of the EM countries (especially CEEMEA/Latam).
  • The dramatic surge in inflation in recent months have pushed Turkey 10Y real yields into deep negative territory. With CPI surging to 36.1% in December, Turkey now offers the lowest 10Y real yield among the EM world (-14.6%).
  • China offers the second lowest 10Y real yield of -7.6% when adjusted by PPI inflation. China 10Y yield continues to reach new lows despite elevated inflationary pressures as PBoC decided to surprise market with further rate cuts (China cut its LPR by 10bps to 2.85% this week).
  • CEE region still stands at the bottom of the League with inflation in some countries approaching 10%. Poland is currently offering the lowest 10Y real yield among the region (-4.8%).
  • At the top, Indonesia is now the country that offers the highest 10Y real yield , with a 10Y real yield of 4.5%, followed by South Africa (3.7%).

Source: Bloomberg/MNI

MNI London Bureau | +44 203-865-3850 |
MNI London Bureau | +44 203-865-3850 |

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