【今日单词】
stoke /stəʊk/
verb
encourage or incite (a strong emotion or tendency).
"his composure had the effect of stoking her anger"
-----------------------
原文如下：
The day in the markets
by Ian Johnston and Harriet Clarfelt
(来自：The Financial Time 金融时报)
What you need to know
• Wall Street equities trade steadily after three days of declines
• German and UK bond yields move higher in wake of eurozone inflation data
• Both debt markets on course for worst month in decades
US stocks steadied yesterday following three straight days of declines fuelled by hawkish messaging from the US Federal Reserve and concerns over aggressive interest rate rises.
The broad S&P 500 gauge was flat by the late morning in New York, having trimmed earlier gains.
The technology-heavy Nasdaq Composite was up 0.1 per cent. Both indices had closed the previous session down 1.1 per cent, extending falls after central bankers redoubled their commitment at last week’s Jackson Hole conference to tackling inflation, even in the face of stuttering economic growth.
Yesterday’s moves came on the last day of the month, a time when the rebalancing of portfolios can contribute to volatility.
Across the Atlantic, the pan-regional Stoxx Europe 600 gauge fell 1.1 per cent in the wake of worse than expected eurozone inflation data for August.
The figures showed consumer price growth hit a record 9.1 per cent this month, higher than economists’ expectations of 9 per cent. July’s reading came in at 8.9 per cent.
Those data propelled German and UK government bond yields even higher as investors continued to search for clues about how far and fast the ECB and the Bank of England would raise borrowing costs to tame inflation, which has been stoked by an escalating energy crisis.
Both debt markets closed out one of their worst ever months. The 10-year German Bund yield, seen as a proxy for borrowing costs across the eurozone, has climbed more than 70 basis points in August to 1.54 per cent — reflecting its biggest monthly surge since 1990.
The two-year Bund yield, which closely tracks interest rate expectations, posted its biggest jump in more than four decades yesterday, rising 5bp to 1.2 per cent.
“The further increases in headline and core inflation in August and [the] likelihood that they will keep rising will add to the pressure on the ECB to step up the pace of tightening,” wrote Jack Allen-Reynolds, senior European economist at Capital Economics, after the eurozone data release.
In the UK, short-dated gilt yields have added 1.29 percentage points in August, their steepest ascent since 1994, jumping 11bp yesterday to 3.01 per cent.
US government debt was relatively steady with the 10-year benchmark Treasury yield flat at 3.12 per cent.
