【今日单词】
复习：protracted /prəˈtraktɪd/
adjective
lasting for a long time or longer than expected or usual.
"a protracted and bitter dispute"
----------------------------
原文如下：
The day in the markets
by Ian Johnston
(来自：The Financial Time 金融时报)
What you need to know
• Goldman results cheer Wall Street
• UK tax cut reversal has global impact
• Some analysts and investors see recent stock market rises as temporary
US stocks rose yesterday, extending gains from the previous session after Goldman Sachs became the latest company to post better than expected quarterly results.
The benchmark S&P 500 was up 1 per cent by lunchtime in New York, trimming larger gains from earlier in the session. The technology-heavy Nasdaq Composite added 0.8 per cent. Europe’s regional Stoxx 600 and Hong Kong’s Hang Seng closed up 0.3 and 1.8 per cent respectively.
Those advances in equity markets followed a rally on Monday, with the S&P closing 2.6 per cent higher — supported by better than expected third-quarter results from Bank of America. BofA attributed its earnings to “resilient” US consumers.
Investors have been monitoring the latest flurry of corporate financial statements for signs of strain from high inflation and rising borrowing costs.
The Federal Reserve has led the charge this year on aggressively tightening monetary policy to curb rapid price growth — lifting interest rates by an extra-large 0.75 percentage points over its last three meetings to a target range of 3 to 3.25 per cent. Concerns have intensified in recent months that the Fed and its peers will turn the policy screws into a protracted slowdown.
But the early stages of the new US corporate earnings season have helped brighten sentiment. Shares in Goldman were up almost 3 per cent yesterday after the bank reported third-quarter net income of $3.1bn, down from $5.4bn a year earlier but above analysts’ estimates of $2.9bn.
The strong start to the week for equity markets was also boosted by the UK government’s decision on Monday to ditch most of last month’s “mini” Budget measures, which had spooked markets and sparked a fire sale of pension fund assets.
“The UK news has again seemed to heavily influence global markets over the last 24 hours . . . ” wrote Jim Reid, a strategist at Deutsche Bank.
Some analysts and investors continue to see recent stock market gains as temporary. A FTSE index of global shares has fallen 25 per cent this year, closing out its longest streak of quarterly losses since 2008 last month.
In government debt markets, the yield on the benchmark 10-year UK gilt slipped 0.04 percentage points to 3.93 per cent as its price edged higher, following a rally in the previous session. The longer-dated 30-year yield dropped 0.08 percentage points to 4.29 per cent.
