【今日短语】to buckle under
To succumb to or be adversely affected by some pressure: eg
Some schools have buckled under the strain of having too many new students.
I had fought very hard against their ideas but finally buckled under to them.
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原文如下：
The day in the markets
by Harriet Clarfelt and Ian Johnston
(来自：The Financial Time 金融时报)
What you need to know
• US stocks begin quarter on upbeat note after streak of losses
• JPMorgan warns of rising volatility and ‘increased credit market stress’
• Gilts and sterling rally after UK government U-turn on higher tax rate
US stocks and government bonds kicked off the new month on an upbeat note as weaker than expected manufacturing data prompted investors to reassess how high the Federal Reserve will raise interest rates.
The S&P 500 share gauge was up 1.8 per cent by the early afternoon in New York, having closed down 1.5 per cent on Friday.
That decline had capped off a third straight quarter of losses for the broad index as equity markets buckled under the tension of central banks, led by the Fed, turning the screws on monetary policy.
The tech-heavy Nasdaq Composite advanced 1.4 per cent after similarly concluding its longest streak of quarterly declines since the 2008 financial crisis.
Across the Atlantic, the pan-regional Stoxx Europe 600 index rose 0.8 per cent.
“A rapid tightening in US monetary conditions — rising borrowing rates and the dollar — has been conducive to building financial stress in the past and is now becoming a key vulnerability,” said Bruce Kasman, chief economist at JPMorgan Chase, adding that “recent weeks have shown a substantial rise in overall volatility and increased credit market stress”.
US government bonds rallied sharply on the first trading day of the final quarter with the yield on the benchmark 10-year Treasury note sliding 18 basis points as its price rose.
The two-year yield, which is more sensitive to changes in interest rate forecasts, lost 13bp to 4.08 per cent.
Ten-year UK gilt yields similarly slid after Prime Minister Liz Truss scrapped plans to reduce tax on higher earners.
The rally in gilt prices followed days of historic swings sparked by Westminster’s “mini”-Budget unveiled on September 23.
At the start of last week, the 30-year gilt yield had surged as much as 75bp as its price plummeted — a sell-off that ultimately led the Bank of England to intervene on Wednesday, pledging to buy up long-dated government debt to stabilise the market.
The pound also advanced following Westminster’s U-turn, rising 1 per cent against the dollar to $1.127 after tumbling last week to its weakest level on record.
In commodities markets, global oil benchmark Brent crude added more than 3 per cent to around $88 a barrel, helped by news that the international alliance Opec+ was planning a substantial production cut.
