Emerging market securities saw foreign net inflows of about $31.2 billion in February, supported by vaccination roll outs and higher commodity prices, according to a new report from the Institute of International Finance (IIF).
Non-resident portfolio inflows to emerging market equities hit $8.4bn last month and debt instruments attracted $22.8bn, the Washington-based institute said.
“Vaccination progress and higher commodity prices continue to support flows to EM. Nevertheless, rising US rates increase the risk of a taper tantrum-like episode, which could be detrimental to EM flows,” the report said.
Capital flows to the emerging markets were recovering after a difficult year, during which the pandemic tipped the global economy into its worst recession since the 1930s. However, the roll out of vaccines during the past two months of 2020 had renewed investors' interest in emerging markets.
Nearly $7.8bn or 93 per cent of the total inflows into equities went to Chinese stocks, the data shows.
Asia saw inflows to both debt and equity at $10bn and $6.8bn respectively, while in Latin America it was $1.2bn and $7.1bn, according to the IIF data. Europe and Africa/Middle East accounted for $6.1bn of inflows.
“The awakening fears of a reflationary cycle in the US, combined with the asset market rotation have capped the scale of capital inflows to EM and increased downside risk,” the IIF report said.
Inflows to emerging markets have been further encouraged by the pace of their inoculation programmes, the institute said.
India, Asia's third-largest economy, is aiming to cover 300 million of its 1.35 billion people by August as part of the vaccination drive. India has reported more than 11 million coronavirus infections and over 157,000 deaths, according to Worldometer, which tracks the pandemic. Brazil and other emerging markets are also stepping up their vaccination drives to stem the pandemic's spread.
The global economy is set to expand 5.2 per cent in 2021 after contracting 4.4 per cent last year, according to the International Monetary Fund's projections. China’s economy is expected to grow 8.1 per cent, while India will expand by 11.5 per cent.
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
Best Film Yomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
Racecard
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THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
Results
5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer
7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby
7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass
8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi
GRAN%20TURISMO
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Joy%20Ride%20
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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Results
6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m | Winner: ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer)
7.05pm: Maiden (TB) Dh165,000 1,400m | Winner: Al Shamkhah, Royston Ffrench, Sandeep Jadhav
7.40pm: Handicap (TB) Dh190,000 1,200m | Winner: Lavaspin, Richard Mullen, Satish Seemar
8.15pm: Maiden (TB) Dh165,000 1,200m | Winner: Kawasir, Dane O’Neill, Musabah Al Muhairi
8.50pm: Rated Conditions (TB) Dh240,000 1,600m | Winner: Cosmo Charlie, Pat Dobbs, Doug Watson
9.20pm: Handicap (TB) Dh165,000 1,400m | Winner: Bochart, Richard Mullen, Satish Seemar
10pm: Handicap (TB) Dh175,000 2,000m | Winner: Quartier Francais, Fernando Jara, Ali Rashid Al Raihe
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
MATCH INFO
Inter Milan 1 (Martinez 18' pen)
Juventus 2 (Dybala 4', Higuain 80')
