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 Prestressed Concrete still face uncertainty.
What is Prestressed Concrete?
Prestressed Concrete is a kind of concrete component mainly used in construction engineering and bridge engineering.
To avoid premature cracks in reinforced concrete structures, make full use of high-strength steel bars and high-strength Concrete, and try to reduce the tensile stress generated by the components by applying external forces before the concrete structures or components are subject to the service load, even in a state of compressive stress. Concrete elements are below.
How Prestressed Concrete Works
The pre-compression stress is used to reduce or offset the tensile stress of Concrete caused by the load, to control the tensile stress of the structural components to a small range, even in a compressed state, to delay the appearance and development of concrete cracks, thereby improving the resistance of the components. Crack performance and stiffness.
Advantages of Prestressed Concrete
1. Good crack resistance and high rigidity. Due to the prestressing of the components, the appearance of cracks is significantly delayed. Under the action of the load, the components may not appear to crack, or the cracks may be delayed, so the stiffness of the components is improved, and the durability of the structure is increased.
2. Save materials and reduce self-weight. Because its structure must use high-strength materials, it can reduce the number of steel bars and the section size of components, save steel and Concrete, and reduce the self-weight of the structure, which has obvious advantages for large-span heavy-load structures.
3. It can reduce the vertical shear force and primary tensile stress of concrete beams. The curved reinforcement (bundle) of the prestressed concrete beam can reduce the vertical shear force near the support in the beam. Because of the existence of prestress on the concrete section, the principal tensile stress under the load is also reduced. This is beneficial to reduce the web thickness of the beam so that the self-weight of the prestressed concrete beam can be further reduced.
4. Improve the stability of compression components. When the compression member is relatively long and slender, it is easy to be bent after receiving a certain pressure, resulting in loss of stability and destruction. If prestressing is applied to the reinforced concrete column so that the longitudinally stressed steel bars are tensioned very tightly, not only the prestressed steel bars themselves are not easy to bend, but they also can help the surrounding Concrete to improve the ability to resist bending.
5. Improve the fatigue resistance of components. Because the rebar with strong prestress has relatively small changes in stress caused by loading or unloading during the use stage. It can improve fatigue strength, which is very beneficial for structures that bear dynamic loads.
6. Prestress can be used as a means of connecting structural components to promote the development of new systems and construction methods for large-span structures
Some requirements for prestressed steel bars:
(1) The strength should be high. The tensile stress of prestressed steel bars will cause various stress losses during the entire fabrication and use of components. The sum of these losses can sometimes reach more than 200N/mm² if the strength of the steel bar used is not high, the stress established during tension will even be lost.
(2) It must have good adhesion with Concrete. Especially in the pretensioning method, there must be a high bond self-anchoring strength between the prestressed steel bar and the Concrete. For some high-strength smooth steel wire, it is necessary to go through "scoring," "pressure wave," or "kink" so that it can form scored steel wire, corrugated steel wire, and kinked steel wire to increase the bonding force.
(3) There must be sufficient plasticity and good processing properties. The higher the strength of the steel, the lower its plasticity. When the plasticity of the steel bar is too low, especially under low temperature and impact loading conditions, a brittle fracture may occur. Good workability means that the welding performance is good. When the upsetting head anchor plate is used, the upsetting of the steel bar head does not affect the original mechanical properties, etc.
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Due to the Russia-Ukraine conflict and the covid-19 pandemic, how will the international situation develop is highly uncertain. It is too difficult to assess its economic impact properly. However, we could see energy prices and commodity prices keep rising and supply chains are disrupted. Therefore, Prestressed Concrete prices are expected to rise in the future.
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