【今日单词】
decipher
verb
convert (a text written in code, or a coded signal) into normal language.
"authorized government agencies can decipher encrypted telecommunications"
precarious
adjective
not securely held or in position; dangerously likely to fall or collapse.
"a precarious ladder"
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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
• US stocks and bonds attract buyers as traders assess outlook for rate rises
• Moves follow downbeat German industrial output data
• Short-dated UK gilts rally ahead of Truss announcement on energy prices
US stocks and government bond prices rose yesterday as traders attempted to decipher messaging about the future path of monetary policy against a gloomy economic backdrop.
Wall Street’s broad S&P 500 share index was up 0.8 per cent by early afternoon in New York while the Nasdaq Composite, which is stacked full of tech stocks that are more sensitive to interest rate changes, was up 1 per cent.
In bond markets, the yield on the 10-year US Treasury note — seen as a proxy for borrowing costs around the world — fell 6 basis points to 3.28 per cent as the debt instrument’s price increased.
Treasuries had sold off along with UK gilts in the previous session after a positive survey on the services industry in the world’s largest economy fuelled expectations of aggressive monetary policy tightening by the US Federal Reserve.
Markets are pricing in the possibility of the Fed raising interest rates by 0.75 percentage points at its late-September meeting, which would mark the third consecutive increase of such magnitude.
Elsewhere, short-dated UK gilts rallied yesterday with the two-year yield sliding 15bp to just over 3 per cent while the yield on the 10-year bond lost 7bp to 3.03 per cent.
The rise in gilt prices came as Liz Truss, the newly appointed UK prime minister, was poised to announce a package this week to alleviate the pressure of soaring energy prices on households and businesses, which some analysts believe could reduce near-term inflationary pressures.
“I think it’s a short-term recovery,” said James Athey, investment director at Abrdn. “In general, the set-up for gilts feels very precarious,” he added, mentioning the Bank of England’s struggle to rein in inflation.
The moves in bond markets also followed a disappointing trade release, showing that it had exported less than expected in August.
The figures were a “sign that slowing global growth and the normalisation of consumption patterns is weighing on demand".
German industrial output contracted 0.3 per cent on a monthly basis in July compared with 0.8 per cent growth in the previous month, another report showed.
The pan-regional Stoxx Europe 600 share index fell 0.6 per cent. Hong Kong’s Hang Seng slid 0.8 per cent.
