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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EMERGING MARKETS
- In the past year, we have seen that the significant increase in global liquidity combined with the USD weakness have generated a strong rally in EM equities, with the EM MSCI index trading at historically high levels (record high was reached in mid February 2021).
- This chart ranks all the EM Equity Sectors based on their monthly performance for each month since May 2020.
- While the MSCI index was up 49% between the end of April 2020 and the end of May 2021, cyclical sectors such as IT, Materials have been the best performers, up 87.6% and 84.1%, respectively, during that period.
- Interestingly, defensive sector Health Care has also performed strongly in the current environment, up 58.6% during that period. As a reminder, Health Care is the most 'expensive' sector in the EM world with a price-to-book value of 6.1 (vs. 1.81 for the MSCI index).
- On the other hand, defensive sectors such as Telecom and Utilities have been the worst performers (up 5% and 18.8% during that period) along with real estate (+6.7%).
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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