全球股市企稳反弹

Global stocks began the trading week with an upward spurt, shaking off the recent turmoil and sending the US benchmark S&P 500 higher after it suffered its worst week in over two years.

全球股市以上涨开始本周的交易，摆脱了近期的动荡，美国基准股指标普500(S&P 500)在经历两年以来最糟糕的一周后反弹。

Government bond yields also found some stability, having initially climbed on concerns about inflationary pressures.

政府债券收益率在最初因市场担忧通胀压力而攀升后，也有所企稳。

Koon Chow, a strategist at UBP, said the simultaneous rebound in equities and fall in bond prices looked like a return to “the old normal” in which markets see a benign economic outlook.

瑞士联合私立银行(UBP)策略师Koon Chow表示，全球股市同时反弹和债券价格下跌看起来像是恢复了“旧常态”，即市场看到良性的经济前景。

“Reflation can be good news for company earnings,” he said. “And as central banks take us out of the intensive care of bond-buying, there are fewer buyers in sovereign capital markets.”

他说：“对于公司盈利来说，通货再膨胀可能是个好消息。随着央行将我们从债券购买的‘重症监护’中转移出来，主权资本市场上的买家减少了。”

The 10-year US Treasury yield crossed 2.9 per cent for the first time since 2014, according to Reuters data, before returning back to trade around 2.87 per cent. The moves come ahead of US inflation figures due on Wednesday, which could be critical for the market’s outlook on monetary policy.

路透(Reuters)数据显示，10年期美国国债收益率自2014年以来首次突破2.9%，之后回落至2.87%左右。这些走势出现在本周三美国公布通胀数据之前，后者可能对市场的货币政策预期至关重要。

Whereas global shares suffered wild swings last week, driven by fears of rising bond yields and the unwinding of trades betting on low market volatility, on Monday they found support. The S&P 500 was trading up 1.8 per cent at 2,666 by mid-afternoon in New York.

上周全球股市因投资者担忧债券收益率上升以及押注低市场波动的交易平仓而出现大幅波动，但它们在周一获得了支持。标普500指数在纽约下午时段上涨1.8%，至2666点。

Mark Schofield, a senior strategist at Citi, said: “We think it is too early to call an end to the equity bull market.”

花旗(Citi)高级策略师马克•斯科菲尔德(Mark Schofield)表示：“我们认为现在说股市牛市结束还为时尚早。”