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Jan 3

‘Gogglebox’ star Amy Tapper overwhelmed by response to weight loss – Yahoo! Voices

Bloomberg

(Bloomberg) -- Rarely, if ever, can a year have started with price levels in emerging markets looking so divorced from the fundamental backdrop.Rising Covid-19 case numbers and uneven rates of recovery in the biggest of the developing economies underscore a nagging concern that this will be about as good as it gets for stocks, bonds and currencies. The relative strength index on MSCI Incs emerging-market equities gauge is above 70, suggesting the market is in overbought territory. The average yield on local-currency debt is less than 20 basis points above the all-time low of 3.46% reached in May.Even though the virus is likely to hold back growth next year, a blended price-to-earnings ratio of emerging-market stocks based on analyst estimates for the next 12 months is currently at 15.2 after reaching 15.4 in August, a record high in data compiled by Bloomberg starting in 2005.The fact remains though that with central-bank stimulus efforts and vaccine roll-outs providing comfort, most investors are confident the rally has further to run. Emerging-market economies will post an average fourth-quarter growth rate of 2.2%, according to a Bloomberg survey, though many see the efficacy of inoculation programs as a key driver for sentiment. The World Banks Global Economic Prospects report on Tuesday is set to provide further clues on the pace of recovery.Markets are naturally forward-looking, so we have seen a strong rally despite the dark winter with restrictions still in place in many countries, said Trieu Pham, a strategist at ING Groep NV in London. We remain constructive going in early 2021, with hopes that we turn a page on the Covid-19 issue and with major central banks remaining dovish.Listen: EM Weekly Podcast: Georgia Senate Runoffs, PMIs, Inflation DataDeveloping-nation stocks ended 2020 at the highest level in 13 years while currencies edged closer to their 2018 record. Local-currency bonds had their best quarter in more than a decade, with investors staring down more than $17 trillion of negative-yielding debt worldwide.Thats not to say there arent enough events to keep traders on their toes this week. Markets could face headwinds after the New York Stock Exchange said it will delist Chinas three biggest telecom companies to comply with a U.S. executive order. Chinese oil majors, including CNOOC Ltd., may be next in line for delisting in the U.S., according to Bloomberg Intelligence.The Georgia Senate runoffs on Tuesday may also affect sentiment toward risk assets, with the outcome set to decide control of the U.S. Senate and influence the ability of President-elect Joe Biden to advance his legislative agenda. Elsewhere, the Gulf Cooperation Council summit on the same day is seen as a possible step in resolving a crisis that erupted mid-2017 when Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed trade, travel and diplomatic ties with Qatar.Among a slew of economic data due this week, Turkeys year-end inflation rate will be in focus as investors seek clues on whether the new central bank chief return to monetary orthodoxy is here to stay.Inflation DataTurkeys expected inflation rate leaves Governor Naci Agbal with little choice but to keep access to credit tight well into 2021Consumer prices probably rose an annual 14.2% in December, higher than the central banks raised October forecast of 12.1%, and nearly triple the target of 5%The lira was the biggest gainer in emerging markets after the Chilean peso in December, trimming last years loss against the dollar to 19%Governor Agbal delivered another meaty interest-rate hike late last month, bolstering credibility with investors after he pledged to tighten policy when needed to keep prices in checkIn Poland, preliminarily December inflation data will probably reflect a slowdownThe nations central bank is analyzing the impact of potential interest-rate cuts that could take place in the first quarter of 2021, Governor Adam Glapinski saidConsumer prices in Ukraine for December, scheduled for Friday, may show a higher reading for the monthColombias December inflation data, to be released on Tuesday, is likely to show that price-growth remains subduedWhile the nations peso slipped in 2020, it was still the second-best performer among six Latin American currencies tracked by BloombergDecember inflation data for for much of Asia will also be released this weekIndonesias CPI remained below below the central banks 2%-to-6% target range for a seventh month in data released on MondayThailand is expected to report a 10th month of deflation on TuesdayTaiwans CPI should hold around 0.1% in year-over-year terms in numbers due on ThursdayRead more: This Is the Start of a Rally That May Last in 2021: SEAsia RatesPMI ReleasesAsias manufacturing PMIs released early Monday were strong. The simple average excluding China rose half a point. This was despite increased lockdown measures in South Korea and weakness in Chinese PMIsThe separately released Caixin manufacturing PMI survey fell 1.7 points below economists forecastsThis wasnt enough to halt the rise of the yuan, which strengthened decisively through 6.5 per dollar soon after trading openedThe January outlook for the yuan looks good with exporter sales of dollars, clear evidence of seasonal strength, and the possibility of a relaxation in the central banks resistance to further appreciationChinas Caixin services PMI is predicted to show a slight increase when it is published on WednesdayIndias services PMIs are due on WednesdayThe rupee was one of the worst-performing regional currencies in the second half, though it still gained about 3%While there should be more room for rupee appreciation in 2021, Brad Setser -- who will probably be responsible for the U.S. Treasury report on currencies in the new U.S. Administration -- advocates a more forgiving attitude to countries that normally run a current-account deficitHungarys purchasing managers index is forecast to rise to 52.9 from 51.9 during DecemberPoland and Czech Republics PMI are set to show an improvement as wellOther DataSeveral Asian countries will release foreign-reserves data for December this weekIntervention probably continued during the month in much of the region, although at a slower pace than in NovemberSouth Koreas data are due on Wednesday. Exchange-rate valuation effects alone should increase reserves to about $440 billion. The won has stuttered a bit in recent weeks as Covid cases have spiked, but the currency still appreciated almost 11% in the second half of 2020Taiwans reserves are also due Wednesday. Valuation effects alone would lead to an increase to about $518 billion. The Taiwan dollar continues its pattern of making intraday gains and erasing them into the close. The very high volumes suggest it may only be a matter of time before the authorities yield groundThailand publishes reserves and forwards data to Jan. 1 on Friday. The baht broke through the key 30 per dollar level when trading commenced in the new year, as the central bank debates further measures to arrest currency strengthTaiwans trade numbers for December due Friday are expected to show healthy export growth and surplusSouth Koreas November current-account figures -- also due Friday -- should remain in comfortable surplusChina may release money supply and loans data this week, while the Philippines may release trade figures for NovemberChiles November economic activity on Monday is expected offer its first positive year-over-year reading since before the coronavirus was declared a pandemic, according to seven economists surveyed by BloombergInvestors will also watch for a potential pickup in December inflation figures later in the week. The peso was the lone Latin American currency to gain in 2020, according to a Bloomberg trackerOn Thursday, Mexican policy makers will release the minutes of their most recent meeting, when the central bank left its key rate unchangedOn the same day, a reading of December inflation will probably flag a pickup from a month earlierBrazil will release a slew of economic data for December, including trade figures, manufacturing numbers and vehicle salesFor 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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'Gogglebox' star Amy Tapper overwhelmed by response to weight loss - Yahoo! Voices

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