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.
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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UAE currency: the story behind the money in your pockets
The%20specs
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Global state-owned investor ranking by size
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Scorebox
Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)
Wanderers
Tries Gormley, Penalty
Cons Flaherty
Pens Flaherty 2
Tigers
Tries O’Donnell, Gibbons, Kelly
Cons Caldwell 2
Pens Caldwell, Cross
Our Time Has Come
Alyssa Ayres, Oxford University Press
RACE CARD
4.30pm: Maiden Dh80,000 1,400m
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5.30pm: Liwa Oasis Group 3 Dh300,000 1,400m
6pm: The President’s Cup Listed Dh380,000 1,400m
6.30pm: Arabian Triple Crown Group 2 Dh300,000 2,200m
7pm: Wathba Stallions Cup Handicap (30-60) Dh80,000 1,600m
7.30pm: Handicap (40-70) Dh80,000 1,600m.
Lewis Hamilton in 2018
Australia 2nd; Bahrain 3rd; China 4th; Azerbaijan 1st; Spain 1st; Monaco 3rd; Canada 5th; France 1st; Austria DNF; Britain 2nd; Germany 1st; Hungary 1st; Belgium 2nd; Italy 1st; Singapore 1st; Russia 1st; Japan 1st; United States 3rd; Mexico 4th
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Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
Dubai Creek Open in numbers
- The Dubai Creek Open is the 10th tournament on this year's Mena Tour
- It is the first of five events before the season-concluding Mena Tour Championship
- This week's field comprises 120 players, 21 of which are amateurs
- 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
