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 polycarboxylate superplasticizer still face uncertainty.
In order to overcome the technical defects in the application of polycarboxylate water-reducing agent, or to improve some or some properties of concrete (workability, slump retention, reduction of bleeding, improvement of early strength, low shrinkage, etc.), it is necessary to modify the concrete.
In practice, the commonly used modification methods include synthetic technology and compound technology. Compared with the synthetic process, the compound method has the advantages of simple operation and low cost, so it is widely used in practical applications. Polycarboxylate series compound technology, is the Polycarboxylate series water-reducing agent and other components (such as slow coagulation, defoaming, air induction, early strength, and other components) according to a certain proportion of the combination compound, in order to achieve the coordination of the superposition of each component.
Compound Polycarboxylate Superplasticizer with Defoaming Air-entraining Component
Polycarboxylate superplasticizer has high surface activity and good foam retention, which will affect the strength of concrete due to excessive gas content. Therefore, in actual use, according to the requirements of construction and use, foam components are selected to reduce the gas content. In addition, air entrainment components are sometimes added to ensure the small stability and uniformity of the internal foam of concrete, so as to meet the performance of concrete.
Polycarboxylate series water reducing agent with defoaming agent
He studied the compound effect of oil-type, emulsified type, dissolved type, and solid defoaming agent with polycarboxylate series water-reducing agent. The results showed that dissolved defoaming agents had good compatibility with polycarboxylate series and could compound pumping agents with high flow, high slump, and high strength. If the storage time is short, emulsified type can also be used; And other kinds of defoaming agent should not be mixed, can only be used.
Polycarboxylate series water reducing agent with defoaming agent and air-entraining agent
Zhang studied the compound technology of defoaming agent, entraining agent and Polycarboxylate superplasticizer, and optimized the compound superplasticizer system that met the requirements of plain concrete. The key to compounding technology is the dosage of defoaming agents and air-entraining agents. By selecting the dosage of defoaming agent and air-entraining agent, the performance requirements of improving workability, increasing strength, increasing compactness, and reducing foaming can be achieved.
Polycarboxylate series water reducing agent with defoaming agent, air-entraining agent, and retarder
Zhang used the compound technology of Polycarboxylate water-reducing agent, defoaming agent, air entrainment agent, and retarder to achieve the synergistic superposition effect of the composite system on workability, slump retention, and setting time of concrete by adjusting the dosage of each component. It is found that foaming can be effectively eliminated and strength improved when the dosage of defoaming agent is controlled at 0.2% of Polycarboxylate superplasmer, cave-retaining property can be significantly improved when the dosage of air-entraining agent is controlled at 0.3% of Polycarboxylate superplasmer, and the effect is better when the retarder (sodium gluconate) is 0.4% of Polycarboxylate superplasmer.
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Europe has been facing the gas shortage problem since the second half of 2021. The worsening situation in Russia and Ukraine has reduced Russian gas shipments to Europe, leading to a doubling of European gas prices. Energy shortages have sent electricity prices soaring. For these reasons, it is predicted that the price of the polycarboxylate superplasticizer will continue to increase.
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