全球股市創後危機時代新高點

Wednesday 08:00 BST. Global stocks are at their best levels since the outbreak of the financial crisis, bolstered by record highs on Wall Street as the US economy improves but monetary policy remains accommodative.

英國夏令時間週三上午8點，受益於美國經濟的好轉及依然寬鬆的貨幣政策，華爾街行情被推升至創紀錄的高點，從而令全球股市出現金融危機爆發以來的最佳行情。

Perceived havens such as the yen and Treasuries are softer as investors embrace riskier bets.

由於投資者對風險偏好的提升，日元和美國國債等顯而易見的資產避風港行情疲軟。

The FTSE Eurofirst 300 is up 0.2 per cent after its Asia-Pacific peer added 0.4 per cent. Together, they are helping the FTSE All-World equity index rise 0.2 per cent to 272.6, a seventh consecutive day of gains that takes the worldwide benchmark to its highest since December 2007. Another 2.6 per cent rise and the All-World will be in record territory.

富時亞太指數(FTSE Asia-Pacific index)上漲0.4%，隨後富時Eurofirst 300 (FTSE Eurofirst 300)指數也上漲了0.2%。在兩者的推動下，富時環球指數(FTSE All-World)上漲0.2%至272.6，這是該指數連續7天上漲。這使得該全球基準指數升至2007年12月以來的最高點，只要再上漲2.6%，該指數就會出現創紀錄行情。

That is where the S&P 500 in New York closed on Tuesday, and futures show the gauge will add another 2 points to 1887.5 when the bell rings for Wednesday’s session.

事實上，週二收盤時紐約標普500(S&P 500)指數已創下最高紀錄。而期貨行情則顯示週三開盤時該指標將再漲2點，升至1887.5。

The mood on Wall Street has been bolstered by signs the US economy is emerging from its weather-affected slowdown of recent months and yet, with Janet Yellen at its helm, the Federal Reserve is in no hurry to begin tightening monetary policy.

華爾街市場情緒的高漲，一方面是因爲美國經濟出現了從持續幾個月的放緩中復甦的跡象——這次放緩是嚴寒天氣導致的，另一方面則是因爲詹尼特•耶倫(Janet Yellen)執掌下的美聯儲(Fed)並不急於收緊貨幣政策。

Ms Yellen has stressed she believes the US jobs market is still weak and so investors will be keeping a keen eye on the March non-farm payrolls report, due for release on Friday.

耶倫曾強調說，她相信美國就業市場依舊疲軟，因此投資者將密切關注美國3月份非農就業報告，該報告將於週五發佈。

“Market sentiment continues to be positive, as the improvement in the US ISM manufacturing index. . enough to convince investors that the US economy continues to gather momentum after the period of severe weather,” wrote Gary Yau, analyst at Crédit Agricole.

法國農業信貸銀行(Crédit Agricole)分析師Gary Yau表示：“美國ISM製造業指數的升高足以讓投資者相信，在經歷一段時間的惡劣天氣後，美國經濟增勢在繼續加強。這一行情令市場繼續保持樂觀情緒。”

Such optimism tends to be damaging for fixed income assets and so the price of Treasuries are falling, pushing 10-year yields up 1 basis points to 2.77 per cent.

對於固定收益資產來說，這種樂觀情緒是十分不利的。美國國債的價格正在下跌之中，10年期國債收益率上升了1個基點，升至2.77%。

The yield on equivalent duration German paper is up 1bp to 1.59 per cent as investors prepare for the other big event of the week, Thursday’s European Central Bank policy decision.

同樣期限的德國國債收益率也上升了1個基點，升至1.59%。與此同時，投資者們正在對週四歐洲央行(ECB)將要公佈的政策決定拭目以待。

Disinflationary pressures in the eurozone – price growth in March fell to a four-year low of 0.5 per cent – have sparked chatter that the ECB may take action. But a poll by Reuters showed 18 out of 22 money market traders felt the central bank will stand pat, and leave interest rates at 0.25 per cent.

歐元區正面臨通脹趨緩的壓力，該地區3月份物價增幅跌至0.5%，是四年來的最低點。這種局面催生了歐洲央行將採取行動的說法。不過路透社(Reuters)的一項調查顯示，大部分貨幣市場交易人員（每22位中就有18位）認爲歐洲央行將按兵不動，把利率維持在0.25%的水平不變。

The euro is up 14 pips $1.3806, causing the dollar index to slip 0.1 per cent.

歐元兌美元匯率上升了14個基點，升至1歐元兌1.3806美元，從而導致美元指數下滑0.1%。

A good indicator about how investors are feeling is their attitude towards supposedly riskier emerging market assets. The FTSE Emerging Market equity index is up 0.3 per cent, taking its winning stretch to nine days. India’s Sensex index, for example, is up 0.3 per cent to claim another record as investors continue to bet on a post-election economic uplift.

新興市場的風險按說會更高，因此投資者對新興市場資產的態度是一個能反映投資者感受的好指標。富時新興市場指數(FTSE Emerging Market index)上漲了0.3%，這是該指數連續第9天上漲。以印度Sensex指數爲例，由於投資者仍在押注大選後的經濟上行行情，該指數上漲了0.3%，再次漲到了創紀錄的水平。

Another proxy for risk appetite is the Japanese yen, which tends to weaken as global market sentiment improves. The yen is down 0.1 per cent to Y103.79 versus the US dollar, its cheapest in 10 weeks.

另一個表徵風險偏好的指標是日元匯率，全球市場情緒向好時，日元往往會走弱。目前，日元兌美元匯率下跌了0.1%，跌至1美元兌103.79日元的水平，這是10周以來日元的最低匯率水平。

A softer yen also often displays an inverse correlation to Japanese stocks, and so the Nikkei 225 has led the Asia region higher with a 1 per cent pop.

日元疲軟往往會與日本股市呈現負相關性，出於這個原因，日經225指數(Nikkei 225)以躍升1%的表現領跑亞洲股市。

The gain in Tokyo resumed an upward streak that halted on Tuesday after a quarterly survey from the Bank of Japan indicated companies were worried about the impact of the sales tax rising from 5 per cent to 8 per cent.

東京股市恢復了在週二中斷的漲勢。就在週二，來自日本央行(BoJ)的一項季度性調查顯示，多家企業對於消費稅由5%上調至8%會產生的影響十分擔心。

The positive sentiment overshadowed further details released by the BoJ on Wednesday showing that Japanese companies do not expect the central bank to hit its 2 per cent inflation target next year – a key goal of Prime Minister Shinzo Abe’s scheme to revive the economy.

市場的樂觀情緒還蓋過了日本央行週三公佈的進一步細節，這些細節顯示日本企業預計日本央行明年無法實現2%的通脹目標——這一目標對於日本首相安倍晉三(Shinzo Abe)復甦經濟的計劃至關重要。

In Greater China, the Shanghai Composite rose 0.4 per cent and Hong Kong’s Hang Seng added 0.2 per cent after state media reports of looser housing ownership restrictions gave a lift to property plays.

在大中華區，在中國官方媒體放寬購房限制的報道爲地產大戲推波助瀾之際，上證綜指上漲0.4%，香港恆生指數也上漲了0.2%。

In commodities, copper jumped 1 per cent in early dealing after an earthquake in Chile, the world’s biggest producer of the red metal, raised fears about restricted supply. Those gains have been pared, however, and copper is now up 0.2 per cent to $6,660 a tonne.

大宗商品方面，在世界最大銅礦出產國智利地震後，銅價在早盤時上漲了1%，這引發了銅礦供應緊張的擔憂。然而，目前銅價已然回落，回落至每噸6660美元的水平，比頭天上漲了0.2%。

Brent crude is recovering just 2 cents to $105.64 a barrel after its 2 per cent slide on Tuesday, and gold is adding $5 to $1,284 an ounce.

繼週二下滑2%之後，布倫特基準原油價格也止跌回升，上漲2美分，升至每桶105.64美元。金價上漲了5美元，漲至一盎司1284美元的水平。