Emerging-Market Optimism Dashed by Fed as Currencies, Bonds Sink [BNN Bloomberg (Canada)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
NASDAQ:AMEX Investor Relations:
societegenerale.com/en/investors
Company Research
Source: BNN Bloomberg
Developing-nation sovereign bonds slid by the most in seven months, while a gauge of currencies fell to the lowest since November as fears over higher-for-longer US interest rates and worsening geopolitical tensions sapped risk appetite last month. While assets have staged a rebound in early May, many money managers are rethinking their optimism after last month's selloff. Societe General SA sees the risk of stagflation in the US dealing out further punishment to emerging-market currencies and shorter-maturity bonds. Mackay Shields says the strengthening dollar and repricing of the Federal Reserve rate outlook are dashing hopes for further gains this year. “This year has disappointed the expectations early on regarding the claim of victory over global inflation,” said Phoenix Kalen, head of emerging-market research at Societe Generale in London. “Inflation has proven to be a much tougher adversary for central banks to tackle, so optimism over the EM rates story for this year has
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