【今日短语】haven assetsA safe-haven asset is a financial instrument that is expected to retain, or even gain value during periods of economic downturn. These assets are uncorrelated or negatively correlated with the economy as a whole, which means that they could appreciate in the event of a market crash. ----------------------------原文如下:The day in the marketsby George Steer (来自:The Financial Time 金融时报)What you need to know• Crude oil prices fall as business surveys point to US economic slowdown• Worries over recession in eurozone ... weigh on sentiment• Treasuries gain as investors dip into haven assetsOil prices fell yesterday as US business surveys pointed to worsening conditions in the world’s biggest economy ...Brent crude, the international benchmark, slipped 4.4 per cent to $84.50 while US marker West Texas Intermediate retreated 4.7 per cent to $77.19.The fresh falls came as concerns about global demand were highlighted by a disappointing US purchasing managers’ report.The S&P Global US composite PMI for November, which takes into account the services and factory sectors, reached a three-month low of 46.3, suggesting the pace at which business conditions are deteriorating is worsening.“Business conditions across the US worsened in November . . . with output and demand falling at increased rates, consistent with the economy contracting at an annualised rate of 1 per cent,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.PMI reports for the euro area also pointed to a continued slowdown in business activity.“The [eurozone] data suggests the outlook has marginally improved and some tail risks are less likely but is still consistent with a meaningful recession,” Barclays said in a note to clients.US government bonds gained in price as traders dipped into haven assets.The 10-year yield fell 3 basis points to 3.72 per cent while the two-year yield dropped by about the same margin to 4.48 per cent.Equities prices ticked up as bond yields fell. Wall Street’s benchmark S&P 500 rose 0.2 per cent while the Nasdaq Composite, which is weighted towards big tech names that have taken a bruising as yields have risen this year, climbed 0.5 per cent.Across the Atlantic, the pan-regional Stoxx Europe 600 share index was up 0.6 per cent and London’s FTSE 100 advanced 0.2 per cent, paring earlier gains.In Asian markets, Hong Kong’s Hang Seng index edged up 0.6 per cent while the CSI 300 index of Shanghai and Shenzhen stocks added 0.1 per cent. Elsewhere, Seoul’s Kospi index gained 0.5 per cent.
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