【今日短语】
金融市场常用的描述：choppy trading / choppy market
A choppy market occurs when buyers and sellers are in balance, or when buyers and sellers are in a fierce fight but there isn't an overall winner. Prices are moving up and down—slowly or quickly and in large moves or small moves—but the price isn't making headway higher or lower overall.
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原文如下：
The day in the markets
by Ian Johnston and William Langley
(来自：The Financial Time 金融时报)
What you need to know
• Stocks edge higher as investors brace for US earnings season
• Oil prices slide in further sign of slowdown worries
• Benchmark UK gilts attract buyers on latest BoE move
Wall Street stocks rose in choppy trading yesterday as investors awaited a flurry of US earnings reports that will be scrutinised for signs of strain from high inflation and rising interest rates.
The broad S&P 500 index was up 0.6 per cent by the early afternoon in New York trading while the technology-heavy Nasdaq Composite gauge added 0.3 per cent.
Those moves in US shares followed four straight sessions of declines and marked a reversal from falls earlier yesterday when the S&P hit its lowest intraday level since November 2020.
Equities have come under pressure in recent days after a US labour market report last week pointed to persistently robust jobs growth in the largest economy and ahead of a widely anticipated inflation report due tomorrow.
Employment and price growth data have been monitored closely this year for clues about how aggressively the US Federal Reserve and its peers will tighten monetary policy.
Evidence of a still-hot economy has fuelled concerns that the US central bank will raise interest rates into a recession.
“It’s still that combination of a growth slowdown, sticky inflation and central banks being forced to hike into a slowing economy that is very negative for markets in general,” said Joost van Leenders, senior portfolio manager at Kempen Capital Management.
Investors were also braced at the start of the week for a flurry of third-quarter US earnings reports, which will be monitored closely for signs of tension as companies contend with higher prices and escalating borrowing costs.
In a further sign of slowdown fears stalking markets, oil prices turned lower yesterday with international benchmark Brent crude dropping 1.8 per cent to $94.43 a barrel.
In government debt markets, the yield on the 10-year US Treasury note was flat at 3.87 per cent as trading resumed following a one-day holiday.
The equivalent UK bond yield slipped 6 basis points to 4.41 per cent after the Bank of England widened its emergency bond-buying programme to include inflation-linked gilts in the latest effort to stem “fire sales” by pension funds.
But the 30-year UK gilt yield added 15bp to 4.86 per cent.
In Asian equity markets, Hong Kong’s Hang Seng index closed down 2.2 per cent, touching its lowest level since October 2011.
