【今日单词】
经常见到的政治词汇：coalition
/ˌkəʊəˈlɪʃ(ə)n/
noun
a temporary alliance for combined action, especially of political parties forming a government.
"a coalition between Liberals and Conservatives"
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原文如下：
The day in the markets
by Nikou Asgari and Harriet Clarfelt
(来自：The Financial Time 金融时报)
What you need to know
• Wall Street stocks slip in volatile trading after last week’s losses
• Government bonds under pressure on expectations of interest rate rises
• Gilt yields jump and the pound slides to all-time low against dollar
US stocks turned lower in volatile trading yesterday, erasing early gains as fears lingered over the pace of rising interest rates and a darkening economic outlook.
Wall Street’s broad S&P 500 was down 0.4 per cent in early afternoon trade in New York, having lost 4.6 per cent over the course of the previous week.
The technology-heavy Nasdaq Composite traded up 0.1 per cent, trimming an earlier advance.
Across the Atlantic, the Stoxx Europe 600 swung between positive and negative territory during the day before finishing down 0.4 per cent.
The regional gauge had closed Friday’s session in “bear market” territory — typically defined as a decline of 20 per cent or more from a recent peak. The FTSE 100 finished flat.
Global shares have been knocked by concerns that central banks will exacerbate an economic slowdown by turning the screws on monetary policy too aggressively as they strive to curb high inflation.
The yield on the 10-year US Treasury note added 13 basis points to 3.83 per cent yesterday as the price of the benchmark debt instrument fell.
Meanwhile, following the UK government’s announcement of a package of tax cuts designed to boost the economy on Friday, the 10-year gilt yield surged 43bp to 4.26 per cent — extending historic increases from the previous session.
Those sharp moves stirred market expectations of a Bank of England statement or even an emergency interest rate rise.
The two-year gilt yield, which is more sensitive to changes in interest rate expectations, jumped more than 50bp to 4.5 per cent while the pound slid to an all-time low of $1.035 against the dollar in early Asian trading hours, later stabilising at $1.081.
The dollar, which tends to strengthen in times of economic and market stress, added 0.8 per cent against a basket of six peers, hitting a fresh 20-year high.
In Italy, a coalition of rightwing parties won the country’s election, led by Giorgia Meloni’s ultra-conservative Brothers of Italy party.
The 10-year Italian yield added 20bp to 4.54 per cent yesterday.
That pushed the difference between the yield on Italian and German 10-year bonds to 2.48 percentage points, its widest gap since May 2020, according to data from Tradeweb.
