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主题 : 2024全国医学博士英语作文预测:新冠病毒和市场动荡
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楼主  发表于: 2023-07-21   
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2024全国医学博士英语作文预测:新冠病毒和市场动荡

Start with the first, volatility. Equity market instability might feed on itself. _ib @<%  
  The VIX, which measures the expected volatility implied by the price of options on the S&P 500 index, ,.|/B^jV  
  vaulted from around 15 to above 27 in a matter of days. Some investment strategies are particularly sensitive to it.   BJg  
  For example when volatility is low, they allow for a bigger weighting of equities in portfolios. <29K! [  
  But when it rises and stays high, some investors are forced to unload some of their holdings—creating yet more volatility. e:rbyzf#  
  Some exchange-traded funds whose value is linked to the VIX saw outflows. s5*HS3D  
  It is likely that at least some investors have been betting on continued near-dormant volatility. VZ 7(6?W  
  The resilience of such strategies could be tested. bg)}-]u]  
  A bigger worry is credit markets and in particular corporate debt, which has soared over the past decade. 5;HCNwX  
  A sharp rise in borrowing costs would hurt firms that need to roll-over maturing bonds k7cY^&o  
  and would also rattle America's huge private-credit markets. zW)Wt.svP  
  The last big global growth scare, in late 2018, caused a panicky sell-off that briefly threatened to become a credit-crunch. M23r/eg]  
  So far the interest-rate spread over Treasuries demanded by investors to hold high-yield corporate paper Y; to9Kv$  
  has widened to 4.3 percentage points, with much of the impact felt by energy-sector bonds. That is cause for concern, not alarm. <jM { <8-  
  But new issuance has halted—by February 26th Wall Street had gone three days without any high-grade offerings, according to Bloomberg. @*|T(068&  
  If that continues there will be a corporate liquidity squeeze. *O_^C  
  Interest-rate cuts cannot do much to remedy the disruption. But they can help to soothe credit markets. Ea-U+7JC  
  Easier policy from the Federal Reserve has in the past—notably in 1998— {.y_{yWo  
  been fuel for a late-cycle rally in risk assets in the face of formidable headwinds. Zp9kxm '  
  A fortnight ago, just a single interest-rate cut from the Fed was priced in by the markets, 8yH)9#>  
  says Kit Juckes of Societe Generale, a French bank. Now two are. }u{gQlV  
  "We may be pricing in a third, if not a fourth, within a few weeks unless there's a dramatic change in the covid-19 news." "{Y6.)x  
  首先是波动性。股市的不稳定可能会自食其果。 `82Dm!V  
  衡量标准普尔500指数期权价格隐含预期波动率的VIX指数 |f.,fVVV;  
  在几天内从15左右升至27以上。一些投资策略对它特别敏感。 g=,}j]tl  
  例如,当波动性较低时,它们允许在投资组合中赋予股票更大的权重。 m^,VEV>  
  但当它上升并保持在高位时,一些投资者被迫抛售他们持有的一些股票,这就造成了更大的波动。 `46.!  
  一些价值与VIX挂钩的交易所交易基金出现了资金外流。 @YG-LEh  
  至少有一些投资者可能一直押注持续接近隐匿的波动性。 xH}bX-m  
  这些策略的弹性是可以检验的。  nb6Y/`G  
  更令人担忧的是信贷市场,尤其是过去10年飙升的公司债务。 j['B9vG  
  ? MX.?tN#F|H  
  借贷成本的急剧上升将会伤害那些需要对到期债券进行展期的公司, ED>a'y$f  
  同时也会使美国庞大的私人信贷市场陷入混乱。 7T t!h f  
  上一次全球经济增长恐慌发生在2018年末,当时引发了恐慌性抛售,并一度有演变成信贷紧缩的危险。 ou<,c?nNM  
  到目前为止,投资者持有高收益公司债券所需的国债息差 ;K%/s IIke  
  已扩大至4.3个百分点,其中大部分影响来自能源板块的债券。这值得担心,但不必恐慌。 5O Y5b8  
  根据彭博社报道,新的发行已经停止——到2月26日,华尔街已经三天没有任何高等级债券发行。 $em'H,*b3  
  如果这种情况持续下去,将出现企业流动性紧缩。 vAq j4:j  
  降息并不能弥补这种混乱。但它们可以帮助稳定信贷市场。 %H,s~IU  
  过去,美联储早期较为宽松的政策——尤其是在1998年—— siT`O z|,  
  曾推动风险资产在面临可怕逆风的情况下在晚周期出现反弹。 +lhCF*@*N  
  法国兴业银行的Kit Juckes表示两周前, ?(z"U b]  
  市场已经消化了美联储一次降息的影响。现在是两次。 UT9u?  
  “除非关于Covid-19的新闻出现戏剧性变化,否则在几周内, 市场可能不是要消化第四次就是第三次。 #.$y   
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级别: 初级博友
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沙发  发表于: 2024-03-08   
不会考新冠了吧,翻篇了
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