【今日单词】
tactical /ˈtaktɪk(ə)l/
adj.
1.relating to or constituting actions carefully planned to gain a specific military end.
"as a tactical officer in the field he had no equal"
2.showing adroit planning; aiming at an end beyond the immediate action.
"in a tactical retreat, she moved into a hotel with her daughters"
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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
• Wall Street stocks extend rally after streak of quarterly losses
• Traders hope for pivot from potential rate increases as economic activity cools
• US Treasuries attract buyers while gilts and sterling also rally
US stocks rallied sharply for the second day as investors scooped up bargains after the longest streak of quarterly declines since 2008 and weak economic data eased worries over Federal Reserve rate increases.
The S&P 500 added 2.7 per cent in morning trading in New York, having closed 2.6 per cent higher on Monday.
The technology-heavy Nasdaq Composite rose 3.2 per cent. Elsewhere, the pan-regional Stoxx Europe 600 closed up more than 3 per cent.
The rally comes after three straight quarters of declines for the S&P 500, as the Fed has led the charge on raising interest rates aggressively to curb stubbornly high inflation.
Higher borrowing costs and fears of the Fed inducing a recession with tighter monetary policy have weighed heavily on share prices.
But with the S&P 500 down 21 per cent so far this year, some analysts and investors are pointing to opportunities to buy stocks on the cheap.
“We turn tactically bullish equities for a [fourth-quarter] sharp rally,” analysts at Cantor Fitzgerald said this week. “We believe that inflation is falling sharply as we speak and will soon be recognised by the Fed,” they added.
Employment data from the Bureau of Labor Statistics provided further encouragement to investors yesterday that the Fed would slow its interest rate rises. The number of job openings in the US dropped in August to 10.1mn, below economists’ expectations of 10.8mn and the previous figure of 11.2mn.
Markets were yesterday pricing in expectations of US interest rates reaching just under 4.5 per cent by March 2023, down from estimates of almost 4.7 per cent in late September.
Government bond prices rose following gains in the previous session with the yield on the 10-year US Treasury note slipping 4 basis points to 3.6 per cent.
The two-year yield, which is more sensitive to changes in interest rate expectations, lost 2bp to 4.08 per cent.
UK gilts rallied more sharply with the 10-year yield falling 8bp to 3.87 per cent.
The gilt market was last week gripped by volatility after Westminster’s proposed tax cuts and extensive borrowing plans spooked investors and sparked a historic sell-off in long-dated debt.
The pound advanced 1.1 per cent to $1.14 against the dollar, back to levels last seen before chancellor Kwasi Kwarteng unveiled his “mini” Budget 11 days ago.
