Analysts at JPMorgan recommended selling or “underweight” emerging market local currency sovereign debt because of the global impact of the Ukraine-Russia crisis.
JPMorgan estimated that fixed-income assets in emerging markets have lost 6-9 percent of their value since Russia invaded Ukraine a month ago, with nervousness about the war and its impact on global energy and food prices adding to existing pressures.
Some leading emerging market central banks are signaling that interest rates now need to rise faster than previously expected, which fuels fears of “stagflation”. Stagflation means when high inflation and higher interest rates undermine economic growth.
With both the U.S. Federal Reserve and emerging market central banks raising interest rates, JPMorgan also said it made sense to “underweight” emerging market assets by taking advantage of the recent pullback in local currency bond yields relative to TREASURIES.
JPMorgan said major metals exporters such as South Africa, Chile, and Peru could still do well, but warned that emerging market fixed income assets now faced a more “stagflationary” trajectory.
The markets and prices of many commodities, metals, chemicals like the fumed silica still face uncertainty.
Fumed silica is a kind of inorganic nanomaterial with a small particle size, large specific surface area, and high surface activity.
It is mainly used as a rheological auxiliary agent in paint and coating, which can effectively prevent flow hanging and thick edges in the construction process and improve construction efficiency.
In addition, silica in the coating is also used as an anti-sedimentation and dispersant aid, can effectively prevent the sedimentation of the pigment delamination, improve the coating weather resistance, scratch resistance, and the bonding strength between the coating and the substrate.
Fumed silica is an ideal anti-sedimentation agent, its hydrogen bond structure is very stable and uniform, and it is a three-dimensional network structure, which is very effective to prevent the precipitation of pigment in the coating system. Especially for the color paste system, the appropriate amount will greatly improve the stability of color paste, and can reduce the amount of wetting dispersant, to improve the applicability of color paste and reduce the influence of color paste on the coating system. At the same time, the anti-sedimentation effect of fumed silica is very beneficial to the storage of coatings, especially some pigments such as metal powder and thin sections, which are easy to precipitate and cannot be completely suspended, the use of fumed silica can ensure that its dispersion does not precipitate.
The precipitation of fumed silica is very beneficial for coating storage and transportation. For some pigments, such as metal powder and thin film, it is easy to precipitate and cannot be effectively suspended. The use of fumed silica can ensure that the mixture is uniform and does not cause sedimentation. In absolute non-polar liquid phase, such as hydrocarbons (hydrocarbons) without hydrogen bond (chemical structure such as R-H) bonding ability, halogenated hydrocarbon (halogen and hydrocarbon electrophilic addition or substitution reaction) solvent, the viscosity recovery time is only a fraction of a second; Thixotropic recovery in polar liquids, such as hydrogen-bonded amines (R-NH3), alcohols (R-OH), carboxylic acids (R-COOH), aldehydes (R-CHO), and dialcohols (such as Ho-Rh2-OH, where R- is a saturated alkyl group), can take up to several months, depending on the amount of fumed silica added and the uniformity of mixing. The fumed silica is pre-dispersed and added to the finished paint. Usually, a high-speed dispersing machine or three-roller machine is used to improve the dispersion effect. If the dispersion is not good, the paint film will have particles, affecting gloss and aesthetics.
In addition, as an anti-sedimentation agent, fumed silica is added to coppery acrylic resin conductive coating. The test proves that it can make the thermoplastic acrylic resin thixotropic and prevent the deposition of filler particles, but if the addition amount is too much, the coating becomes a gel state, the conductivity of the coating would be reduced.
In the powder system, because of the small particle size and high surface energy, silica can be adsorbed on the surface of the coating powder, and form a surface layer on the surface of the powder to improve the dispersion of the powder. In the same coating system, the addition of fumed silica can obviously shorten the dispersion time and improve the production efficiency.
The addition of fumed silica in wall coating can effectively prevent coating from hanging, improve the flatness of the construction surface, and also greatly improve the washing resistance and aging time of exterior wall coating. The bonding strength of coating film and the wall is also greatly improved, the hardness of coating film is significantly increased, and the surface self-cleaning ability is also improved.
The adsorption of fumed silica on the surface of powder coating can form a movable layer and produce a “ball bearing” effect, which can prevent the powder coating from absorbing moisture and agglomerating and improve the fluidity of powder coating.
The main function of floor paint is the rheological control, improving the weatherability and scratch-resistance of floor paint, and improving the leveling performance of the coating.
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The latest poll by CSA for consumer finance company Cofidis shows the French are taking action to trim their budgets as inflation erodes household purchasing power.
According to Le Figaro, the poll shows that French people think they need to earn an average of 490 euros more a month in order to live a decent life. This is an increase of 23 euros compared to the purchasing power barometer published in September 2021. Amid inflation and international tensions, this average in the polls masks differences among households, with some social groups much more severely affected by the decline in purchasing power than others. Seventy-eight percent of single-parent households, 76 percent of 25-to 34-year-olds, and 72 percent of blue-collar workers said the international situation had had a negative impact on their personal finances, compared with 64 percent of all French people.
In response to rising prices, soaring energy, and food prices, in particular, the French government is preparing to launch a package of measures designed to increase the purchasing power, such as extending the energy price protection mechanism, the extension of the fuel discount measures, and more targeted alternative measures, will be distributed inflation-linked pension and social security benefits, check the "food" and so on.
Because of the soaring energy prices, the fumed silica price is predicted to rise in the future.
