全球市场：利好消息令股市企稳

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.

全球金融市场昨日企稳，中国股市反弹、美国零售商传来捷报以及德国经济显露更多好转迹象，促使投资者把周一的震荡行情抛在脑后。

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.

但市场仍保持谨慎基调，投资者仍在问，近5个月风险资产的反弹，是否已经超前。

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

“资产价格继续在典型的夏日交易环境中起舞，其特征是成交量处于季节性低位，”高盛(Goldman Sachs)经济学家弗朗西斯科•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.”

“在本轮复苏中，市场信心似乎受到价格走势的推动，逐步出炉的经济数据及消息，引发了不成比例的情绪波动。”

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.

标准银行(Standard Bank)策略师史蒂夫•巴罗(Steve Barrow)表示，周一市场情绪急剧恶化，突显出中国股市震荡会在全球引发避险情绪。

“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.

“观察这些动态很重要，因为我们的观点是，一轮持续、严重的全球避险浪潮只可能来自中国，而不是别处，”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，目前金融资产价格似乎合理反映了人们对经济表现的预期；中国的情况或许不是这样。”

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.

中国受压的股市昨日得到喘息，基准股指上证综指反弹1.4%，结束了（至少暂时地）一轮下跌行情，在这轮跌势中，上证综指较本月早些时候触及的年内高点下跌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.

亚洲其它地区的市场情绪也都出现改善，香港股市反弹0.8%，东京的日经225指数收市上涨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.

泛欧富时Eurofirst 300指数上涨1.4%；纽约正午时分，美国标普500指数涨0.9%，主要受家得宝(Home Depot)和Target等零售商公布亮丽业绩的推动。

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.

尽管股市上涨，但在美国公布7月份楼市数据后，信贷价差扩大。该数据初看之下令人失望，因为新屋开工和营建许可双双下滑，尽管这是由于多户型住宅板块出现回调。

译者/岱嵩