全球市場：利好消息令股市企穩(wěn)

Financial markets stabilised yesterday as a rally for Chinese stocks, better news from US retailers and further signs of improvement in the German economy helped investors put Monday's turbulent session behind them.

全球金融市場昨日企穩(wěn)，中國股市反彈、美國零售商傳來捷報以及德國經(jīng)濟顯露更多好轉(zhuǎn)跡象，促使投資者把周一的震蕩行情拋在腦后。

But the underlying mood remained cautious as investors continued to question whether the rally in risk assets over the past five months had got ahead of itself.

但市場仍保持謹(jǐn)慎基調(diào)，投資者仍在問，近5個月風(fēng)險資產(chǎn)的反彈，是否已經(jīng)超前。

“Asset prices continue to dance around in a summer trading environment characterised by seasonally low volumes,” said Francesco Garzarelli, economist at Goldman Sachs.

“資產(chǎn)價格繼續(xù)在典型的夏日交易環(huán)境中起舞，其特征是成交量處于季節(jié)性低位，”高盛(Goldman Sachs)經(jīng)濟學(xué)家弗朗西斯科•葛沙雷莉(Francesco Garzarelli)表示。

“The degree of confidence in the ongoing recovery appears to be feeding off the price action, with incremental economic data and news generating disproportionate sentiment swings.”

“在本輪復(fù)蘇中，市場信心似乎受到價格走勢的推動，逐步出爐的經(jīng)濟數(shù)據(jù)及消息，引發(fā)了不成比例的情緒波動。”

Steve Barrow, strategist at Standard Bank, said Monday's sharp deterioration in sentiment had emphasised how wobbles in the Chinese stock market could raise risk aversion around the world.

標(biāo)準(zhǔn)銀行(Standard Bank)策略師史蒂夫•巴羅(Steve Barrow)表示，周一市場情緒急劇惡化，突顯出中國股市震蕩會在全球引發(fā)避險情緒。

“It is very important to watch these developments, for it is our view that a sustained and serious bout of global risk aversion is only likely to come from China, not elsewhere,” he said.

“觀察這些動態(tài)很重要，因為我們的觀點是，一輪持續(xù)、嚴(yán)重的全球避險浪潮只可能來自中國，而不是別處，”他表示。

“Expectations for western economic performance seem reasonably well represented by the price of financial assets right now; this may not be the case in China.”

“在西方，目前金融資產(chǎn)價格似乎合理反映了人們對經(jīng)濟表現(xiàn)的預(yù)期；中國的情況或許不是這樣。”

There was some respite for the beleaguered Chinese equity market yesterday as the Shanghai Composite index rallied 1.4 per cent, bringing to an end, for now at least, of a slide that had seen the benchmark fall 17 per cent from a 2009 high struck earlier this month.

中國受壓的股市昨日得到喘息，基準(zhǔn)股指上證綜指反彈1.4%，結(jié)束了（至少暫時地）一輪下跌行情，在這輪跌勢中，上證綜指較本月早些時候觸及的年內(nèi)高點下跌17%。

The improvement in mood spread across the rest of the region with Hong Kong rebounding 0.8 per cent and the Nikkei 225 in Tokyo edging up 0.2 per cent.

亞洲其它地區(qū)的市場情緒也都出現(xiàn)改善，香港股市反彈0.8%，東京的日經(jīng)225指數(shù)收市上漲0.2%。

The pan-European FTSE Eurofirst 300 index rose 1.4 per cent and, by midday in New York, the S&P 500 was up 0.9 per cent, helped by positive results from retailers Home Depot and Target.

泛歐富時Eurofirst 300指數(shù)上漲1.4%；紐約正午時分，美國標(biāo)普500指數(shù)漲0.9%，主要受家得寶(Home Depot)和Target等零售商公布亮麗業(yè)績的推動。

In spite of the rise in equities, credit spreads widened after the release of US housing market data that initially appeared disappointing. Both housing starts and permits fell in July, although this was due to a correction in the multi- family homes segment.

盡管股市上漲，但在美國公布7月份樓市數(shù)據(jù)后，信貸價差擴大。該數(shù)據(jù)初看之下令人失望，因為新屋開工和營建許可雙雙下滑，盡管這是由于多戶型住宅板塊出現(xiàn)回調(diào)。

譯者/岱嵩