【今日短语】
dial back
To reduce (one's energy or intensity); to restrain (a feeling or action). synonyms
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原文如下：
The day in the markets
by George Steer, with additional reporting by Harry Dempsey
(来自：The Financial Time 金融时报)
What you need to know
• Cooler than expected inflation data bolster S&P 500
• US government bond yields drop after CPI release
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US stocks continued to climb yesterday while the dollar weakened, after cooler than expected inflation data for the biggest economy fuelled speculation that the Federal Reserve would slow the pace of interest rate tightening later this year.
The S&P 500 added 0.6 per cent in early New York trading following its best day in two-and-a-half years on Thursday, when it rose 5.5 per cent. The Nasdaq increased 1.3 per cent, consolidating its 7.4 per cent rise in the previous session.
The dollar index is up 11.3 per cent this year but slipped yesterday as investors dialled back expectations for further aggressive rate rises in the US. The currency fell 1 per cent on the day against a basket of six peers.
“The dollar peak might be past us, but a dollar downtrend may not be there yet,” said Francesco Pesole at ING.
The moves came after the annual rise in US CPI came in at 7.7 per cent in October, the smallest 12-month increase since January and a sharp drop from an annual rate of 8.2 per cent in September.
Markets are betting there is a roughly 70 per cent chance the Fed will raise its key interest rate by 0.5 percentage points when it meets in December.
US government bond markets, which were closed yesterday for Veterans Day, had rallied immediately after the consumer price index release. The yield on two-year US Treasuries fell 0.29 percentage points to 4.33 per cent, its largest daily drop in more than a decade. The yield on the benchmark 10-year Treasury note dropped 0.33 percentage points to 3.81 per cent, down from a peak of 4.25 per cent in October.
The Stoxx 600 rose 0.2 per cent, even as Brussels projected a sharp contraction in German output. The FTSE 100 fell 0.5 per cent, erasing earlier gains, after UK GDP fell 0.6 per cent between August and September.
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Brent crude was up 3 per cent to trade at $96.45 a barrel. Three-month benchmark contracts for zinc and aluminium led gains among metals, up 3.7 per cent to just under $3,000 and $2,433 per tonne respectively. Tin has gained 5.1 per cent to $21,140 a tonne.
