13Aug2022 标普500连续4周上涨 英国经济下滑

【今日短语】bear market rally 熊市反弹熊市反弹是指在股票价格总体呈下降趋势的时候出现的一种情况。在下跌趋势中，股票价格可能会转换方向，在相对较短的时间内上涨15-20%。熊市反弹通常很快开始，而且往往没有明确的原因。这种突然而显著的价格上涨可能是骗人的，因为它很可能会像开始时一样迅速结束，然后继续下降趋势，所谓熊市。在熊市中出现这样的价格暴涨，就是所谓的熊市反弹。-----------------------------原文如下：The day in the marketsby Ian Johnston(来自：The Financial Time 金融时报)What you need to know• US stocks advance as investors weigh inflation and rate rise outlook• European equities also register gains amid fears of ‘bear market rally’• Gilts and pound retreat as UK economic data show quarterly contractionUS and European stocks rose yesterday as investors weighed early signs that inflation was steadying with concerns over the global economic outlook.The blue-chip S&P 500 was up 1 per cent by early afternoon in New York and the technology-heavy Nasdaq Composite was 1.3 per cent higher, recouping falls from the previous session.The moves put the S&P on track for a fourth week of gains, up about 17 per cent from a low point in mid-June. The Nasdaq Composite has risen more than 20 per cent from a low point on June 16.“Our view is this is a bear market rally,” said Roger Lee, head of UK equity strategy at Investec. “It’s hard to believe we’ve priced in all the uncertainty going forward.”Across the Atlantic, the pan-regional Stoxx Europe 600 ended the day up 0.2 per cent while Frankfurt’s Xetra Dax rose 0.7 per cent. London’s FTSE 100 gained 0.5 per cent.US inflation data this week came in lower than expected. The figures had been closely scrutinised by investors for clues about how far the US Federal Reserve will raise interest rates to rapid price growth.Various Fed officials have said inflation remains high and far above the central bank’s 2 per cent target.“There seems to be a huge disconnect between what the Fed is saying and how the market is reacting,” Lee added. “We have more rate rises to come . . . but the market is pricing in interest rate cuts next year.”In debt markets, the yield on the benchmark 10-year Treasury note fell 2 basis points to 2.87 per cent.Trading volumes can be thinner during the summer, exacerbating asset price moves. “Maybe we shouldn’t read too much into summer illiquidity but the moves have been a bit all over the place of late,” wrote Jim Reid, a strategist at Deutsche Bank.In UK debt markets, the 10-year gilt yield rose 5bp to 2.1 per cent while the pound slipped 0.7 per cent against the dollar to $1.21.Those moves came as fresh data showed that the UK economy contracted in the second quarter of 2022 by 0.1 per cent after rising 0.7 per cent in the previous quarter.The overall figures were close to those expected by economists and the Bank of England.International oil benchmark Brent crude retreated 1.3 per cent to $98.26.

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