Janet Yellen's rate rise hints made last Friday were still enough to weaken emerging market currencies in Asia on Monday.

上周五，耶倫暗示近期將升息，造成了周一亞洲新興貨幣走弱

But local equity markets; however, managed to shrug that news aside.

但是當地的股市似乎沒有受到這個消息的影響

Once again, the Fed's move highlights or rather it's just its comments highlight the struggle to balance global macro with local conditions in emerging Asia.

聯準會的舉動，其實只是他們發表的評論，再一次顯現出全球經濟與亞洲地區新興市場的衝突

Views on global emerging markets or EM still tend to the heavily negative.

目前全球對新興市場的看法依然較為負面

While currencies are bearing the brunt of this,

現在新興貨幣正飽受這些看法所苦

analysts say they find little interest in any bullish trading ideas and there are periodic reports of net outflows from bond and equity funds.

分析師表示不認為會有「牛市」的可能，而債券與股票市場也持續傳出資金流出的消息

If it isn't the impact of weak commodity prices on already slowing economic growth, then there's the debt hangover that follows a multi-year credit binge.

這若不是受低廉的物價和趨緩的經濟成長影響，就是受拖欠多年的信貸所累

Net-net, EM Asia actually gains from weaker commodity prices because Indonesia aside, it is a net importer.

以 Net-net 來看，低物價對亞洲新興市場其實有利，因為除了印尼之外，亞洲多為淨進口國

Credit meanwhile, is more of a risk for both businesses and households in the region, following years of easy borrowing.

該區的企業信貸與家庭信貸風險仍高，這是受過去幾年寬鬆的借貸政策所影響

And yet there is still a bullish case to be made for companies in EM Asia.

但是亞洲新興市場的公司仍有上漲的可能

Leverage is high but seems to have peaked.

資金槓桿很高但是似乎已達到頂峰

Margins are steadying and a decline in return on equity appears to have bottomed, according to a study in New One by HSBC.

根據匯豐銀行的研究，毛利趨於穩定且股本回報率已到下跌趨勢的底線

ROE improvements are, says the bank, being held back by a regional tendency among executives to hold cash.

匯豐表示，亞洲市場的主管階級傾向持有現金，阻礙了該區股本回報率的發展

This now accounts for 18% of total assets, up from 12% three years ago.

這佔了總資產的18%，比起三年前上升了12%

At least, inefficient companies stuffed with cash have some easy room for improvement.

不過，績效不佳但現金充裕的公司仍有改善的空間

Current earnings expectations are hardly excessive either.

目前的預期收益也未像以往一樣是過分高估的

After years of starting with sort of earnings per share growth of 10% plus each year,

多年來，分析師預測股票年收益的起始點都達10%以上

then revising lower as the numbers come in and disappoint, analysts have swung the other way.

接著在令人失望的市場表現傳回來後在將數字下修。但這次，他們改變方法了

They're forecasting just 3% growth in Asia, excluding Japan earnings for this year.

他們預測亞洲市場只有3%的成長，這是排除日本今年的收益

Last week, global emerging markets began to inform, outperform developed world equities for the first time in three months.

上星期，全球新興市場的表現比已開發國機的股市來得好，這是三個月以來第一次

Now, near term performance will continue to depend on the comments and the actions of Ms. Yellen and the Federal Reserve.

當然，接下來的表現會持續受到耶倫和聯準會的行動所影響

But probably, investors gradually and with caution of course, should consider the EM world more carefully, starting with Asia.

但是投資者「大概」得「逐漸」且「小心」地重新思考新興市場的投資策略，特別是亞洲