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BlackRock backs banks, cuts European, EM debt as part of "new playbook"

11/30/2022 | 09:57am EST
FILE PHOTO: The BlackRock logo is pictured in New York City

LONDON (Reuters) - Asset manager BlackRock has said 2023 will require a new investment playbook, backing banks and energy sectors to do well while slapping 'underweights' on longer-term European government bonds and emerging market local currency debt.

The BlackRock Investment Institute (BII) said in its 2023 global outlook that while the case for investment credit has brightened and short-term government debt yields looked attractive, the pressures of higher interest rates would weigh on longer-term sovereign bonds.

"The macro damage we expect for next year is yet to be fully reflected in market pricing" said Wei Li, global chief investment strategist at the BII.

(Reporting by Marc Jones and Davide Barcuscia, editing by Karin Strohecker)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BEIJING INFOSEC TECHNOLOGIES CO.,LTD. 0.30% 63.18 End-of-day quote.11.27%
BLACKROCK, INC. 0.45% 762.63 Delayed Quote.7.14%
SHANDONG LINGLONG TYRE CO.,LTD. 1.68% 22.39 End-of-day quote.9.33%
SICHUAN CHANGHONG ELECTRIC CO.,LTD. 1.05% 2.89 End-of-day quote.9.47%
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