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 water reducer still face uncertainty.
Water reducing agents can be divided into ordinary water-reducing agents (also known as the plasticizing agent, whose water reducing rate is not less than 8%, represented by lignin sulfonic acid salts), high-efficient water-reducing agents (also called superplasticizer, whose water reducing rate is not less than 14%, including naphthalene, melamine, amino sulfonic acid salt, aliphatic, etc.) and high-performance water reducing agent (the water reducing rate is not less than 25%, represented by the polycarboxylate water-reducing agent).
Following is an introduction to five kinds of water-reducing agents.
Sulfamate High-efficient Water Reducing Agent:
The chemical name is aromatic amino sulfonate polymer. The production process is to use sodium aminobenzene sulfonic acid, and phenol as raw material, through addition, and the polycondensation reaction, a kind of polymerization of oita polymers will be produced. The water-reducing rate can reach 30%. The cost is relatively high, and it is easy to bleed. When used in combination with the naphthalene series high efficient water reducing agent, it can solve the problem of the naphthalene series high efficient water reducing agent and compatibility of cement.
Sulfamate superplasticizer is a kind of monocyclic aromatic hydrocarbon type superplasticizer, mainly composed of p-sulfamate and monocyclic aromatic hydrocarbon derivatives. Phenol compounds will be combined with formaldehyde under acidic or alkaline conditions heat condensation.
The molecular structure of sulfamic acid superplasticizer is complex, and different monomers will have different molecular structures.
The synthesis process is through the sulfamate superplasticizer and polyoxyeolefin compound polycondensation or with other compounds, such as lignosulfonate, catalytic graft to modify the sulfamate superplasticizer. The sulfamate series water reducing agent modified by polyoxy olefins polycondensation combines the advantages of polycarboxylate series and sulfamate series water reducing agent and has good working performance and early strength, but the raw material price is expensive and the production cost is high.
The graft copolymerization of lignosulfonate and sulfamic acid superplasticizer can reduce the production cost and improve the segregation and bleeding of sulfamic acid superplasticizer.
Fatty Acids High-efficient Water-reducing Agents:
The chemical name is aliphatic hydroxyl sulfonate polymer. The raw materials are mainly acetone, formaldehyde, Na2SO3, Na2S2O5, catalyst, etc. It is brownish-red liquid. The water reduction rate can reach 20%, and it can be used for low-grade concrete and will make concrete stain.
HSB aliphatic superplasticizer
HSB (High Strence Bing) is a carbonyl pyroaldehyde synthesized by sulfonation of polymer. Hydrophobic main chain for aliphatic hydrocarbons, it does not pollute the environment and does not damage human health. It has wide applicability to cement, obvious concrete enhancement effect, and small slump loss. Under conditions of low temperature, there is no sodium sulfate crystallization phenomenon. It is widely used in the preparation of pumping agents, delay setting, early strength, antifreeze, air, and other kinds of individual water reducing agents, and can also be used with naphthalene series water reducing agent, amino water reducing agent, polycarboxylate water reducing agent compound.
1. High water reduction rate. Dosage is 1-2%, the water reduction rate is up to 15-25%. Under the condition of the same strength slump, adding HSB can save cement consumption by 25-30%.
2. Early strength and obvious enhancement effect. Concrete mixed with HSB can reach 60-70% of the design strength in three days, 100% in seven days, and 30-40% higher than blank concrete strength in 28 days.
3. High plastic. Concrete slump loss is small, with almost no loss for 60 min and 10-20% for 90 min;
4. Wide applicability to cement, workability, and good cohesion. Good compatibility with other kinds of admixtures;
5. It can significantly improve the freeze-thaw resistance, seepage resistance, sulfate resistance of concrete, and comprehensively improve the other physical properties of concrete;
6. It is especially suitable for the following concrete: flow plasticized concrete, natural curing, steam curing concrete, impermeable waterproof concrete, durable freeze-thaw resistant concrete, sulfate resistant Marine engineering concrete, and reinforced concrete, prestressed concrete;
7. HSB is non-toxic, non-flammable, non-corrosive to steel bars, and has no sodium sulfate crystals in winter.
It is a new type of high-performance water reducing agent, which has an excellent water reduction rate, fluidity, and permeability. Obviously, it can enhance the strength of cement mortar, but the production process is complex, and the general price is higher.
It is a biopolymer made from milk precipitated with acid and dried in a cylinder.
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The World Food Program (WFP) of the United Nations (UN) and the European Union (EU) said in a statement that the conflict between Russia and Ukraine poses risks to global food supplies, and called on the international community to increase support for vulnerable countries and jointly address food security challenges.
A few days ago, the Executive director of the World Food Program, the European Commission's commissioner in charge of crisis management, the French Foreign Minister of the ROTATING EU presidency, and other officials held a meeting in Rome, Italy, to discuss how to deal with the negative impact of the Conflict between Russia and Ukraine on global food security.
One of the officials told a news conference after the meeting that the world was facing a food supply challenge that would "last for many years" as the conflict between Russia and Ukraine pushed up global food prices and disrupted the water reducer will continue.
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