【今日短语】
risk on
The term “risk on” refers to the market sentiment where traders and investors in the financial market are taking on risk. In a “risk on” environment, you'll notice prices of high-risk assets such as stocks and commodities rising and safe-haven assets such as the Japanese yen and gold falling.
eg risk-on ally
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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
• Stocks gain and dollar falls as investors weigh policy outlook
• Euro and pound rise against greenback a day after ECB lifts interest rates
• German government bonds trade steadily following sharp sell-off
Global shares rose yesterday while the euro and the pound advanced against a softer dollar as investors assessed how far major central banks would tighten monetary policy to curb inflation.
A FTSE gauge of worldwide equities added 1.6 per cent with Wall Street’s S&P 500 up 1.2 per cent by the late morning in New York and the technology-heavy Nasdaq Composite up 1.1 per cent.
The pan-regional Stoxx Europe 600 gauge closed 1.5 per cent higher and Hong Kong’s Hang Seng jumped 2.7 per cent, snapping six days of losses.
“It does appear to be a global risk-on rally amid lower rates and a weaker dollar,” analysts at JPMorgan wrote earlier yesterday. “The market remains focused on next week’s [consumer price index] print.”
US inflation data are due out on Tuesday with economists polled by Reuters expecting a reading of 8.1 per cent year on year for August, down from 8.5 per cent in July.
Yesterday’s moves came a day after the European Central Bank raised interest rates by 0.75 percentage points to 0.75 per cent, having lifted borrowing costs for the first time in more than a decade in July by half a percentage point to zero.
In currencies, the euro bounced 0.5 per cent to trade just above parity with the dollar, trimming a sharper rally earlier in the day. The common currency has fallen more than 11 per cent this year, as economic uncertainty and inflationary pressures have driven people towards the perceived safety of the dollar.
The pound gained 0.8 per cent to $1.159, having earlier this week slipped to its lowest level since 1985.
Japan’s yen rose as much as 1.8 per cent to ¥141.49 after on Wednesday touching ¥144.98 — its weakest level against the dollar in 24 years.
Those gains were set against a softer dollar, which lost 0.5 per cent yesterday against a basket of six peers.
Meanwhile, the ECB’s hawkish rhetoric this week has led some analysts to expect another large increase at its meeting in October with Deutsche Bank anticipating another three-quarter point rise.
German bonds sold off sharply following the ECB decision and press conference on Thursday with the two-year Bund yield surging to its highest level since 2011 as its price fell. Activity was steadier yesterday with the same yield broadly flat at 1.31 per cent.
