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Global Emerging Markets
Emerging markets were mostly higher last week, although currency weakness and interest rate increases weighed on Turkey and China.
Hungary's BUX also made strong progress, rising 5.0% as the forint's decli
ne to record lows against the euro boosted exporters.
In Latin America, strong economic and corporate earnings prospects helped push markets higher. Mexico's IPC was up 2.8%, while Brazil's BOVESPA rose 0.8% and Argentina's MERVAL gained 0.7%.
Russia's RTS was up 1.1%, boosted by strong economic data, which showed that industrial production had risen in May at its fastest pace for 18 months. Russia's annual inflation rate also fell to an eight-year low last month.
Turkey's ISE National 100, on the other hand, was down 2.7% as investors continued to worry about rising interest rates and currency weakness. At an emergency meeting this weekend the Turkish central bank announced a 1.75% interest rate increase, taking Turkish rates to 17.25%, as the authorities continued their battle to shore up a weakening lira.
Although many emerging markets continue to look in good economic and political shape and offer excellent long-term investment potential, they remain vulnerable in the short term to any further deterioration in global liquidity and investors' risk appetite.
(以上资料全部来源于JF Asset Management)
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