【今日单词】
复习：rout /raʊt/
noun
a disorderly retreat of defeated troops.
"the retreat degenerated into a rout"
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原文如下：
The day in the markets
by Harriet Clarfelt
(来自：The Financial Time 金融时报)
What you need to know
• Wall Street hit by inflation fears
• UK government bonds edge higher
• Yen at 32-year low against dollar
US stocks turned lower yesterday as signs of persistent inflationary pressures tempered upbeat sentiment about the latest flurry of corporate earnings.
The benchmark S&P 500 was down 0.6 per cent by early afternoon in New York, snapping two straight days of gains. The technology-heavy Nasdaq Composite lost 0.7 per cent. In Europe, the regional Stoxx 600 closed 0.5 per cent lower.
Those declines came as consumer goods giants Procter & Gamble and Nestlé posted better than expected earnings, but said sales growth had been bolstered by price rises.
Data yesterday also showed UK inflation sped up in September to 10.1 per cent, up from 9.9 per cent in August. The reading for the consumer price index was higher than the 10 per cent consensus among economists polled by Reuters.
Central banks, led by the US Federal Reserve, have turned the screws on monetary policy to try to rein in prices. The Fed has already increased borrowing costs by 0.75 percentage points at each of its last three meetings, taking its target range to 3 to 3.25 per cent.
Concerns have intensified that such tightening will compound a protracted economic slowdown. Market participants have been closely monitoring the latest flurry of corporate financial statements for evidence of strain from inflation and rising borrowing costs. Some, including Goldman Sachs and Bank of America, have posted better than expected earnings. Companies in other sectors have also shown signs of resilience, with Netflix revealing after the closing bell on Tuesday that it had stemmed its subscriber losses in the third quarter.
But while global stocks have come under acute pressure so far this year — closing out three straight quarters of declines last month — some analysts and investors believe the rout is not yet over.
“We do not expect a sustained turnround anytime soon,” wrote Mark Haefele, chief investment officer at UBS Global Wealth Management, in a note.
The yield on the 10-year US Treasury note rose 0.13 percentage points to 4.13 per cent as the price fell. The equivalent 10-year UK yield fell 0.06 percentage points to 3.89 per cent. The 30-year gilt yield slid more than 0.3 percentage points to below 4 per cent for the first time in more than two weeks, following a decision from the Bank of England to exclude longer-dated debt when it begins bond sales next month.
The pound lost 0.9 per cent to $1.122, while the greenback added 0.8 per cent against a basket of six peers. The yen hit a 32-year low against the US currency of ¥149.81.
