【今日单词】
precede /prɪˈsiːd/
verb
come before (something) in time.
"a gun battle had preceded the explosions"
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原文如下：
The day in the markets
by George Steer
(来自：The Financial Time 金融时报)
What you need to know
• Global stocks fall after hawkish comments from senior Fed official
• Bullard says interest rate rises have only had a ‘limited effect’ on inflation
• FTSE 100 and sterling slide as UK chancellor acknowledges recession
Global stocks slid yesterday as investors assessed hawkish commentary from a senior US central banker and reacted to a gloomy set of forecasts for the UK.
Wall Street’s S&P 500 fell 0.7 per cent while the tech-heavy Nasdaq Composite shed 0.6 per cent.
The moves came after James Bullard, president of the St Louis branch of the Federal Reserve, said that previous interest rate rises had produced “only a limited effect on observed inflation” and that the central bank’s main policy rate could increase to between at least 5 and 5.25 per cent — above the level at present priced by markets.
Investors have assigned a roughly 90 per cent probability of the US central bank raising rates by 0.5 percentage points when it meets in December, potentially ending a run of four consecutive 0.75 percentage point rises.
In US government bond markets, the yield on the two-year Treasury note rose 11 basis points to 4.48 per cent while the yield on the benchmark 10-year note added 8bp to 3.77 per cent as prices for the benchmark security fell.
The gap between the two yields reached minus 0.71 percentage points, meaning the so-called Treasury yield curve inversion has reached its widest level since 2000. Previous yield curve inversions have preceded US recessions.
London’s FTSE 100 was 0.1 per cent lower after UK chancellor Jeremy Hunt announced a £55bn “consolidation” of the country’s finances and acknowledged that the economy was in recession.
UK output will return to pre-pandemic levels at the end of 2024, the Office for Budget Responsibility has said, more than two years later than the fiscal watchdog estimated in March.
Unemployment will rise by 505,000 from 3.5 per cent to peak at 4.9 per cent in the third quarter of 2024.
Sterling was trading 0.9 per cent lower against the dollar at $1.1810 immediately after Hunt’s statement to parliament, extending a decline earlier in the day.
Gilts sold off across the board. The 10-year yield was 7bp higher on the day and the two-year yield rose 13bp to 3.11 per cent.
The pan-regional Stoxx Europe 600 index fell 0.4 per cent and Frankfurt’s Xetra Dax rose 0.2 per cent.
Asian equities fell, adding to losses in the previous session. Hong Kong’s Hang Seng index was down 1.2 per cent, the CSI 300 index of Shanghai and Shenzhen stocks slipped 0.4 per cent and Seoul’s Kospi fell 1.4 per cent. Tokyo’s Topix gained 0.2 per cent.
