【今日短语】
cast a pall /pɔːl/
to give (something) an unhappy mood
Their argument cast a pall on the party.
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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 lose steam as survey points to higher US inflation pressures
• Falls come even as JPMorgan gains on better than feared earnings report
• Sterling and gilts slide after UK government U-turn
Wall Street stocks fell yesterday, reversing earlier gains after a downbeat survey on consumer inflation expectations cast a pall over the start of the widely anticipated US earnings season.
The broad S&P 500 gauge was down 1.6 per cent by the early afternoon in New York. The Nasdaq Composite, which is stacked full of technology shares that are more sensitive to interest rate expectations, lost 2.3 per cent.
Across the Atlantic, the Stoxx Europe 600 gauge closed up 0.6 per cent.
Those moves came after a survey from the University of Michigan showed that US consumer sentiment had improved, delivering a reading of 59.8 for October — above consensus expectations for a figure of 59 and higher than August’s 58.6.
However, respondents had also cranked up their inflation expectations, the survey showed, taking their one-year forecast to 5.1 per cent from a previous projection of 4.7 per cent.
Hot inflation readings have typically darkened the mood in stock markets this year, fuelling expectations that the Fed and other global central banks will tighten monetary policy more aggressively.
Several investors said there was no single explanation for the sudden negative swing in sentiment, with some arguing that markets had already sold off significantly in recent weeks, flushing out bearish investors.
Investors were also responding to a fresh batch of US banks’ financial statements, with JPMorgan and peers beginning the new earnings season.
Corporate reports will be scrutinised in the coming days for signs of strain from high prices and rising borrowing costs.
JPMorgan’s shares rose after it revealed that third-quarter net income had dropped 17 per cent — a decline less severe than analysts’ expectations.
Yesterday’s market moves also came after Prime Minister Liz Truss sacked chancellor Kwasi Kwarteng and reversed a planned cut in UK corporation tax.
Gilts came under renewed selling pressure, reversing a rally earlier in the session. The 30-year yield added 26 basis points to 4.8 per cent as its price fell.
The pound slid 1.3 per cent against the dollar to $1.1180, having rallied as high as $1.1365 overnight.
The dollar added 0.6 per cent against a basket of six peers and Japan’s yen hit a new 32-year low against the dollar at ¥148.69.
