【今日短语】
复习：choppy trading
A choppy market refers to a market condition where prices swing up and down considerably, either in the short term, or for an extended period of time.
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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
• US stocks rise ahead of Big Tech earnings season
• European shares rally even after PMI slides to lowest level since 2020
• Gilts and FTSE 100 rally as Sunak becomes prime minister but pound slips
US stocks rose yesterday in chopping trading ahead of a week of third-quarter earnings results for Big Tech companies, including Meta, Alphabet and Amazon.
Wall Street’s S&P 500 was up 0.8 per cent by the late morning in New York.
The broad-based US index last week recorded its biggest five-session gain since June, adding 4.7 per cent, as investors responded to reports that the Federal Reserve might begin to slow the rate at which it raises interest rates from December.
At the same time, the technology-heavy Nasdaq Composite added 0.1 per cent, reversing earlier losses.
Monday also marked the start of a week dominated by technology earnings in the US with Apple, Microsoft, Alphabet and Amazon all due to report quarterly figures in the next few days.
UBS analysts said corporate financial statements had so far been “mixed” with results broadly in line with the market’s “relatively cautious expectations”.
Across the Atlantic, the pan-regional Stoxx Europe 600 gauge closed 1.4 per cent higher while Frankfurt’s Xetra Dax rose 1.7 per cent even as S&P Global’s flash eurozone composite purchasing managers’ index, a measure of business activity in the region, fell to its lowest level since November 2020.
Peter Vanden Houte, chief economist at ING, said the figure “clearly confirms that the eurozone economy is already in recession”.
In bond markets, the yield on the benchmark 10-year US Treasury note was steady at 4.22 per cent.
In the UK, prices for 10-year gilts climbed, pushing yields down 32 basis points to 3.73 per cent as Rishi Sunak was confirmed as the country’s next prime minister.
London’s FTSE 100 index rose 0.6 per cent while sterling slipped 0.1 per cent against the dollar to $1.1290. It also slipped 0.3 per cent against the euro on the day to €1.1430.
