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2021-11-03
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Wall Street Warns Bond Market Rout Will Catch Up With Stocks<blockquote>华尔街警告债市暴跌将赶上股市</blockquote>
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Stocks have so far largely ignored a worsening rout in bond markets, where investors are pricing in a swift tightening of monetary policy, as robust earnings and lack of investment alternatives drive risk appetite.</p><p><blockquote>这是华尔街顶级经纪商一系列警告中的最新一项，他们警告称，推动欧美股市上涨的繁荣可能不会持续下去。迄今为止，股市在很大程度上忽视了债券市场日益恶化的溃败，投资者正在消化货币政策的迅速收紧，因为强劲的盈利和缺乏投资选择推动了风险偏好。</blockquote></p><p> “This divergence is unlikely to sustain and the risk is equities are forced to price in the increasingly unfavorable policy environment,” BofA’s strategists, including Gonzalo Asis, wrote in a note on Tuesday.</p><p><blockquote>包括贡萨洛·阿西斯(Gonzalo Asis)在内的美国银行策略师周二在一份报告中写道：“这种分歧不太可能持续下去，风险在于股市被迫在日益不利的政策环境中定价。”</blockquote></p><p> Stocks in the U.S. and Europe are hovering around record highs, following another solid earnings season that saw companies reporting results that beat analyst expectations. With valuations increasingly stretched, and economic indicators showing that global growth is decelerating, more strategists are starting to warn that the tapering of central bank asset purchases and potential rate hikes may strip markets of excess liquidity to sustain the rally.</p><p><blockquote>在又一个稳健的财报季之后，美国和欧洲股市徘徊在历史高点附近，公司公布的业绩超出了分析师的预期。随着估值日益捉襟见肘，经济指标显示全球增长正在减速，更多策略师开始警告称，央行缩减资产购买规模和潜在加息可能会剥夺市场维持涨势的过剩流动性。</blockquote></p><p> “We think it’s only a matter of time before equities are forced to price in the increasingly unfavorable policy environment for a market addicted to central bank liquidity,” said BofA’s strategists.</p><p><blockquote>美国银行策略师表示：“我们认为，对于沉迷于央行流动性的市场来说，在日益不利的政策环境中，股市被迫定价只是时间问题。”</blockquote></p><p> BofA is not alone in its view that a reckoning for stocks is nigh.</p><p><blockquote>美国银行并不是唯一一家认为股市清算即将到来的银行。</blockquote></p><p> “The fundamental picture for stocks is deteriorating as the Fed starts to tighten monetary policy and earnings growth slows further into next year, turning outright negative for some companies,” Morgan Stanley’s Michael Wilson wrote in a note on Sunday.</p><p><blockquote>摩根士丹利(Morgan Stanley)的迈克尔·威尔逊(Michael Wilson)在周日的一份报告中写道：“随着美联储开始收紧货币政策，以及明年盈利增长进一步放缓，股市的基本面正在恶化，这对一些公司来说完全是负面的。”</blockquote></p><p> Markets are rising because retail buyers keep using their excess cash, while institutional investors are staying fully invested for technical reasons, such as pressure to perform and strong seasonal trends at the end of the year, according to Wilson.</p><p><blockquote>威尔逊表示，市场上涨是因为散户买家继续使用多余的现金，而机构投资者则出于技术原因保持全额投资，例如业绩压力和年底强劲的季节性趋势。</blockquote></p><p> “We think that this bullish trend can continue into Thanksgiving, but not much longer,” he said.</p><p><blockquote>“我们认为这种看涨趋势可能会持续到感恩节，但不会持续太久，”他说。</blockquote></p><p> However, there are still plenty of stock market fans out there. Goldman Sachs Group Inc. strategists remain overweight on equities, saying there’s no alternative to stocks while bond yields are low, and still see “healthy levels” of growth into next year.</p><p><blockquote>然而，仍然有很多股市粉丝。高盛集团(Goldman Sachs Group Inc.)策略师仍对股市保持跑赢大盘，称在债券收益率较低的情况下，除了股票别无选择，并且仍认为明年的增长将达到“健康水平”。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Warns Bond Market Rout Will Catch Up With Stocks<blockquote>华尔街警告债市暴跌将赶上股市</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Warns Bond Market Rout Will Catch Up With Stocks<blockquote>华尔街警告债市暴跌将赶上股市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-03 08:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- The era of abundant liquidity is coming to an end and stock markets trading at record highs won’t be able to stay immune for much longer, according to Bank of America Corp. strategists.</p><p><blockquote>（彭博社）——美国银行策略师表示，流动性充裕的时代即将结束，创纪录高位的股市将无法长期保持免疫。</blockquote></p><p> This is the latest in a series of warnings by top Wall Street brokers that the exuberance, which has fueled the rally in European and U.S. equities, may not last. Stocks have so far largely ignored a worsening rout in bond markets, where investors are pricing in a swift tightening of monetary policy, as robust earnings and lack of investment alternatives drive risk appetite.</p><p><blockquote>这是华尔街顶级经纪商一系列警告中的最新一项，他们警告称，推动欧美股市上涨的繁荣可能不会持续下去。迄今为止，股市在很大程度上忽视了债券市场日益恶化的溃败，投资者正在消化货币政策的迅速收紧，因为强劲的盈利和缺乏投资选择推动了风险偏好。</blockquote></p><p> “This divergence is unlikely to sustain and the risk is equities are forced to price in the increasingly unfavorable policy environment,” BofA’s strategists, including Gonzalo Asis, wrote in a note on Tuesday.</p><p><blockquote>包括贡萨洛·阿西斯(Gonzalo Asis)在内的美国银行策略师周二在一份报告中写道：“这种分歧不太可能持续下去，风险在于股市被迫在日益不利的政策环境中定价。”</blockquote></p><p> Stocks in the U.S. and Europe are hovering around record highs, following another solid earnings season that saw companies reporting results that beat analyst expectations. With valuations increasingly stretched, and economic indicators showing that global growth is decelerating, more strategists are starting to warn that the tapering of central bank asset purchases and potential rate hikes may strip markets of excess liquidity to sustain the rally.</p><p><blockquote>在又一个稳健的财报季之后，美国和欧洲股市徘徊在历史高点附近，公司公布的业绩超出了分析师的预期。随着估值日益捉襟见肘，经济指标显示全球增长正在减速，更多策略师开始警告称，央行缩减资产购买规模和潜在加息可能会剥夺市场维持涨势的过剩流动性。</blockquote></p><p> “We think it’s only a matter of time before equities are forced to price in the increasingly unfavorable policy environment for a market addicted to central bank liquidity,” said BofA’s strategists.</p><p><blockquote>美国银行策略师表示：“我们认为，对于沉迷于央行流动性的市场来说，在日益不利的政策环境中，股市被迫定价只是时间问题。”</blockquote></p><p> BofA is not alone in its view that a reckoning for stocks is nigh.</p><p><blockquote>美国银行并不是唯一一家认为股市清算即将到来的银行。</blockquote></p><p> “The fundamental picture for stocks is deteriorating as the Fed starts to tighten monetary policy and earnings growth slows further into next year, turning outright negative for some companies,” Morgan Stanley’s Michael Wilson wrote in a note on Sunday.</p><p><blockquote>摩根士丹利(Morgan Stanley)的迈克尔·威尔逊(Michael Wilson)在周日的一份报告中写道：“随着美联储开始收紧货币政策，以及明年盈利增长进一步放缓，股市的基本面正在恶化，这对一些公司来说完全是负面的。”</blockquote></p><p> Markets are rising because retail buyers keep using their excess cash, while institutional investors are staying fully invested for technical reasons, such as pressure to perform and strong seasonal trends at the end of the year, according to Wilson.</p><p><blockquote>威尔逊表示，市场上涨是因为散户买家继续使用多余的现金，而机构投资者则出于技术原因保持全额投资，例如业绩压力和年底强劲的季节性趋势。</blockquote></p><p> “We think that this bullish trend can continue into Thanksgiving, but not much longer,” he said.</p><p><blockquote>“我们认为这种看涨趋势可能会持续到感恩节，但不会持续太久，”他说。</blockquote></p><p> However, there are still plenty of stock market fans out there. Goldman Sachs Group Inc. strategists remain overweight on equities, saying there’s no alternative to stocks while bond yields are low, and still see “healthy levels” of growth into next year.</p><p><blockquote>然而，仍然有很多股市粉丝。高盛集团(Goldman Sachs Group Inc.)策略师仍对股市保持跑赢大盘，称在债券收益率较低的情况下，除了股票别无选择，并且仍认为明年的增长将达到“健康水平”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/wall-street-sounds-alarm-over-120546759.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/wall-street-sounds-alarm-over-120546759.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110388906","content_text":"(Bloomberg) -- The era of abundant liquidity is coming to an end and stock markets trading at record highs won’t be able to stay immune for much longer, according to Bank of America Corp. strategists.\nThis is the latest in a series of warnings by top Wall Street brokers that the exuberance, which has fueled the rally in European and U.S. equities, may not last. Stocks have so far largely ignored a worsening rout in bond markets, where investors are pricing in a swift tightening of monetary policy, as robust earnings and lack of investment alternatives drive risk appetite.\n“This divergence is unlikely to sustain and the risk is equities are forced to price in the increasingly unfavorable policy environment,” BofA’s strategists, including Gonzalo Asis, wrote in a note on Tuesday.\nStocks in the U.S. and Europe are hovering around record highs, following another solid earnings season that saw companies reporting results that beat analyst expectations. With valuations increasingly stretched, and economic indicators showing that global growth is decelerating, more strategists are starting to warn that the tapering of central bank asset purchases and potential rate hikes may strip markets of excess liquidity to sustain the rally.\n“We think it’s only a matter of time before equities are forced to price in the increasingly unfavorable policy environment for a market addicted to central bank liquidity,” said BofA’s strategists.\nBofA is not alone in its view that a reckoning for stocks is nigh.\n“The fundamental picture for stocks is deteriorating as the Fed starts to tighten monetary policy and earnings growth slows further into next year, turning outright negative for some companies,” Morgan Stanley’s Michael Wilson wrote in a note on Sunday.\nMarkets are rising because retail buyers keep using their excess cash, while institutional investors are staying fully invested for technical reasons, such as pressure to perform and strong seasonal trends at the end of the year, according to Wilson.\n“We think that this bullish trend can continue into Thanksgiving, but not much longer,” he said.\nHowever, there are still plenty of stock market fans out there. Goldman Sachs Group Inc. strategists remain overweight on equities, saying there’s no alternative to stocks while bond yields are low, and still see “healthy levels” of growth into next year.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":299,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/841866767"}
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