全球股市企穩(wěn)反彈

Global stocks began the trading week with an upward spurt, shaking off the recent turmoil and sending the US benchmark S&P 500 higher after it suffered its worst week in over two years.

全球股市以上漲開(kāi)始本周的交易，擺脫了近期的動(dòng)蕩，美國(guó)基準(zhǔn)股指標(biāo)普500(S&P 500)在經(jīng)歷兩年以來(lái)最糟糕的一周后反彈。

Government bond yields also found some stability, having initially climbed on concerns about inflationary pressures.

政府債券收益率在最初因市場(chǎng)擔(dān)憂通脹壓力而攀升后，也有所企穩(wěn)。

Koon Chow, a strategist at UBP, said the simultaneous rebound in equities and fall in bond prices looked like a return to “the old normal” in which markets see a benign economic outlook.

瑞士聯(lián)合私立銀行(UBP)策略師Koon Chow表示，全球股市同時(shí)反彈和債券價(jià)格下跌看起來(lái)像是恢復(fù)了“舊常態(tài)”，即市場(chǎng)看到良性的經(jīng)濟(jì)前景。

“Reflation can be good news for company earnings,” he said. “And as central banks take us out of the intensive care of bond-buying, there are fewer buyers in sovereign capital markets.”

他說(shuō)：“對(duì)于公司盈利來(lái)說(shuō)，通貨再膨脹可能是個(gè)好消息。隨著央行將我們從債券購(gòu)買(mǎi)的‘重癥監(jiān)護(hù)’中轉(zhuǎn)移出來(lái)，主權(quán)資本市場(chǎng)上的買(mǎi)家減少了。”

The 10-year US Treasury yield crossed 2.9 per cent for the first time since 2014, according to Reuters data, before returning back to trade around 2.87 per cent. The moves come ahead of US inflation figures due on Wednesday, which could be critical for the market’s outlook on monetary policy.

路透(Reuters)數(shù)據(jù)顯示，10年期美國(guó)國(guó)債收益率自2014年以來(lái)首次突破2.9%，之后回落至2.87%左右。這些走勢(shì)出現(xiàn)在本周三美國(guó)公布通脹數(shù)據(jù)之前，后者可能對(duì)市場(chǎng)的貨幣政策預(yù)期至關(guān)重要。

Whereas global shares suffered wild swings last week, driven by fears of rising bond yields and the unwinding of trades betting on low market volatility, on Monday they found support. The S&P 500 was trading up 1.8 per cent at 2,666 by mid-afternoon in New York.

上周全球股市因投資者擔(dān)憂債券收益率上升以及押注低市場(chǎng)波動(dòng)的交易平倉(cāng)而出現(xiàn)大幅波動(dòng)，但它們?cè)谥芤猾@得了支持。標(biāo)普500指數(shù)在紐約下午時(shí)段上漲1.8%，至2666點(diǎn)。

Mark Schofield, a senior strategist at Citi, said: “We think it is too early to call an end to the equity bull market.”

花旗(Citi)高級(jí)策略師馬克•斯科菲爾德(Mark Schofield)表示：“我們認(rèn)為現(xiàn)在說(shuō)股市牛市結(jié)束還為時(shí)尚早。”