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2021-06-16

Nice

Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境：周五2万亿美元伽马到期将如何影响市场</blockquote>

2021-06-16

Wow

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2021-06-18

Wow

Gold Got Crushed After the Fed’s Big Surprise. Here’s What Could Happen Next.<blockquote>美联储大吃一惊后，金价暴跌。接下来会发生什么。</blockquote>

2021-06-23

Wow

Top Quant Strategy Just Suffered Its Biggest Ever Monthly Loss<blockquote>顶级量化策略刚刚遭受有史以来最大的月度损失</blockquote>

2021-06-23

Wow

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2021-06-22

Wow

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2021-06-22

Wow

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2021-06-20

Wow

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2021-06-18

Nice

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2021-06-15

Interesting

Investors and the Fed aren't freaking out about inflation. Should they?<blockquote>投资者和美联储并没有对通胀感到恐慌。他们应该吗？</blockquote>

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15:38","market":"us","language":"en","title":"Stock Market Today With Jim Cramer: Nvidia 'Working on Remarkable Things'<blockquote>吉姆·克莱默(Jim Cramer)今日股市：英伟达“正在做非凡的事情”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117914294","media":"The Street","summary":"Jim Cramer remains bullish on chipmaker Nvidia following Monday's selloff.\n\nStocks rose Tuesday as F","content":"<p>  <b>Jim Cramer remains bullish on chipmaker Nvidia following Monday's selloff.</b>  Stocks rose Tuesday as Federal Reserve Chairman Jerome Powell told Congress the economy has shown \"sustained improvement\" but the recovery has accelerated inflation.</p><p><blockquote><b>继周一的抛售之后，吉姆·克莱默仍然看好芯片制造商英伟达。</b>周二股市上涨，美联储主席杰罗姆·鲍威尔告诉国会，经济已显示出“持续改善”，但复苏加速了通胀。</blockquote></p><p> \"Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades,” Powell said in written comments ahead of the House panel hearing.</p><p><blockquote>鲍威尔在众议院小组听证会前的书面评论中表示：“经济活动和就业指标持续走强，今年的实际GDP似乎有望实现数十年来最快的增速。”</blockquote></p><p> <b>Nvidia Story Much Bigger Than Ethereum</b></p><p><blockquote><b>英伟达的故事比以太币大得多</b></blockquote></p><p> Pegging Nvidia&nbsp;(<b>NVDA</b>) -Get Report&nbsp;to Ethereum's drop during Monday's was foolish, TheStreet's Jim Cramer said on Tuesday from the floor of the New York Stock Exchange. While Nvidia does have exposure to ethereum, the chipmaker is so much more than that, Cramer said.</p><p><blockquote>挂钩英伟达（<b>NVDA</b>)-《华尔街日报》的吉姆·克莱默(Jim Cramer)周二在纽约证券交易所表示，有关以太币周一下跌的报道是愚蠢的。克莱默表示，虽然英伟达确实涉足以太币，但这家芯片制造商远不止于此。</blockquote></p><p> \"This is high-performance computing, AI, machine learning and gaming andif it gets ARMthen its just the No. 1 dominant chip company in the world,\" Cramer said. \"Nvidia is working on remarkable things that people think only the Chinese are working on.\"</p><p><blockquote>克莱默说：“这是高性能计算、人工智能、机器学习和游戏，如果它获得ARM，那么它将成为世界上第一大主导芯片公司。”“英伟达正在做人们认为只有中国人在做的非凡事情。”</blockquote></p><p> Cramer was commenting ona bullish Raymond James notethat lifted Nvidia in trading Tuesday. The shares at last check were 2.1% higher at $752.20.</p><p><blockquote>克莱默对雷蒙德·詹姆斯(Raymond James)的看涨报告发表了评论，该报告提振了英伟达周二的交易。上次检查时，该股上涨2.1%，至752.20美元。</blockquote></p><p> <b>Jay Powell Should Be Cautious as Workforce Lags</b></p><p><blockquote><b>由于劳动力滞后，杰伊·鲍威尔应保持谨慎</b></blockquote></p><p> The 5 million workers missing from the pre-COVID employment pool would rather take unemployment benefits than return to the workforce, Jim Cramer said on Tuesday.</p><p><blockquote>吉姆·克莱默(Jim Cramer)周二表示，新冠疫情前就业人群中缺失的500万工人宁愿领取失业救济金，也不愿重返劳动力市场。</blockquote></p><p> Of the 10 million people who left the workforce since COVID-19, only half have returned. That leads Cramer to say that Federal Reserve Chairman Jerome Powell is correct in erring on the side of caution and waiting to see where the economy heads before making any serious changes in monetary policy.</p><p><blockquote>自新冠肺炎以来离开劳动力市场的1000万人中，只有一半回来了。这使得克莱默表示，美联储主席杰罗姆·鲍威尔错误地谨慎行事，在对货币政策做出任何重大改变之前等待经济走向，这是正确的。</blockquote></p><p></p>","source":"lsy1610613172068","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>Stock Market Today With Jim Cramer: Nvidia 'Working on Remarkable Things'<blockquote>吉姆·克莱默(Jim Cramer)今日股市：英伟达“正在做非凡的事情”</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\">\nStock Market Today With Jim Cramer: Nvidia 'Working on Remarkable Things'<blockquote>吉姆·克莱默(Jim Cramer)今日股市：英伟达“正在做非凡的事情”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-06-23 15:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Jim Cramer remains bullish on chipmaker Nvidia following Monday's selloff.</b>  Stocks rose Tuesday as Federal Reserve Chairman Jerome Powell told Congress the economy has shown \"sustained improvement\" but the recovery has accelerated inflation.</p><p><blockquote><b>继周一的抛售之后，吉姆·克莱默仍然看好芯片制造商英伟达。</b>周二股市上涨，美联储主席杰罗姆·鲍威尔告诉国会，经济已显示出“持续改善”，但复苏加速了通胀。</blockquote></p><p> \"Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades,” Powell said in written comments ahead of the House panel hearing.</p><p><blockquote>鲍威尔在众议院小组听证会前的书面评论中表示：“经济活动和就业指标持续走强，今年的实际GDP似乎有望实现数十年来最快的增速。”</blockquote></p><p> <b>Nvidia Story Much Bigger Than Ethereum</b></p><p><blockquote><b>英伟达的故事比以太币大得多</b></blockquote></p><p> Pegging Nvidia&nbsp;(<b>NVDA</b>) -Get Report&nbsp;to Ethereum's drop during Monday's was foolish, TheStreet's Jim Cramer said on Tuesday from the floor of the New York Stock Exchange. While Nvidia does have exposure to ethereum, the chipmaker is so much more than that, Cramer said.</p><p><blockquote>挂钩英伟达（<b>NVDA</b>)-《华尔街日报》的吉姆·克莱默(Jim Cramer)周二在纽约证券交易所表示，有关以太币周一下跌的报道是愚蠢的。克莱默表示，虽然英伟达确实涉足以太币，但这家芯片制造商远不止于此。</blockquote></p><p> \"This is high-performance computing, AI, machine learning and gaming andif it gets ARMthen its just the No. 1 dominant chip company in the world,\" Cramer said. \"Nvidia is working on remarkable things that people think only the Chinese are working on.\"</p><p><blockquote>克莱默说：“这是高性能计算、人工智能、机器学习和游戏，如果它获得ARM，那么它将成为世界上第一大主导芯片公司。”“英伟达正在做人们认为只有中国人在做的非凡事情。”</blockquote></p><p> Cramer was commenting ona bullish Raymond James notethat lifted Nvidia in trading Tuesday. The shares at last check were 2.1% higher at $752.20.</p><p><blockquote>克莱默对雷蒙德·詹姆斯(Raymond James)的看涨报告发表了评论，该报告提振了英伟达周二的交易。上次检查时，该股上涨2.1%，至752.20美元。</blockquote></p><p> <b>Jay Powell Should Be Cautious as Workforce Lags</b></p><p><blockquote><b>由于劳动力滞后，杰伊·鲍威尔应保持谨慎</b></blockquote></p><p> The 5 million workers missing from the pre-COVID employment pool would rather take unemployment benefits than return to the workforce, Jim Cramer said on Tuesday.</p><p><blockquote>吉姆·克莱默(Jim Cramer)周二表示，新冠疫情前就业人群中缺失的500万工人宁愿领取失业救济金，也不愿重返劳动力市场。</blockquote></p><p> Of the 10 million people who left the workforce since COVID-19, only half have returned. That leads Cramer to say that Federal Reserve Chairman Jerome Powell is correct in erring on the side of caution and waiting to see where the economy heads before making any serious changes in monetary policy.</p><p><blockquote>自新冠肺炎以来离开劳动力市场的1000万人中，只有一半回来了。这使得克莱默表示，美联储主席杰罗姆·鲍威尔错误地谨慎行事，在对货币政策做出任何重大改变之前等待经济走向，这是正确的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/jim-cramer/stock-market-today-cramer-nvidia-unemployment\">The Street</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":{"NVDA":"英伟达"},"source_url":"https://www.thestreet.com/jim-cramer/stock-market-today-cramer-nvidia-unemployment","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117914294","content_text":"Jim Cramer remains bullish on chipmaker Nvidia following Monday's selloff.\n\nStocks rose Tuesday as Federal Reserve Chairman Jerome Powell told Congress the economy has shown \"sustained improvement\" but the recovery has accelerated inflation.\n\"Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades,” Powell said in written comments ahead of the House panel hearing.\nNvidia Story Much Bigger Than Ethereum\nPegging Nvidia (NVDA) -Get Report to Ethereum's drop during Monday's was foolish, TheStreet's Jim Cramer said on Tuesday from the floor of the New York Stock Exchange. While Nvidia does have exposure to ethereum, the chipmaker is so much more than that, Cramer said.\n\"This is high-performance computing, AI, machine learning and gaming andif it gets ARMthen its just the No. 1 dominant chip company in the world,\" Cramer said. \"Nvidia is working on remarkable things that people think only the Chinese are working on.\"\nCramer was commenting ona bullish Raymond James notethat lifted Nvidia in trading Tuesday. The shares at last check were 2.1% higher at $752.20.\nJay Powell Should Be Cautious as Workforce Lags\nThe 5 million workers missing from the pre-COVID employment pool would rather take unemployment benefits than return to the workforce, Jim Cramer said on Tuesday.\nOf the 10 million people who left the workforce since COVID-19, only half have returned. That leads Cramer to say that Federal Reserve Chairman Jerome Powell is correct in erring on the side of caution and waiting to see where the economy heads before making any serious changes in monetary policy.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123451746,"gmtCreate":1624436063585,"gmtModify":1634006167253,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123451746","repostId":"1195810880","repostType":4,"repost":{"id":"1195810880","kind":"news","pubTimestamp":1624434839,"share":"https://www.laohu8.com/m/news/1195810880?lang=zh_CN&edition=full","pubTime":"2021-06-23 15:53","market":"us","language":"en","title":"Top Quant Strategy Just Suffered Its Biggest Ever Monthly Loss<blockquote>顶级量化策略刚刚遭受有史以来最大的月度损失</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195810880","media":"zerohedge","summary":"With all the drama and focus on  the inflation story, especially after last week'stransitory hawkish","content":"<p>With all the drama and focus on&nbsp; the inflation story, especially after last week's<i>transitory h</i>awkish pivot by the Fed, SocGen's Andrew Lapthorne points out that there have been some even more dramatic moves in factor performance in recent weeks.</p><p><blockquote>所有的戏剧性事件和对通货膨胀故事的关注，特别是在上周之后<i>瞬态h</i>法国兴业银行(SocGen)的安德鲁·拉普索恩(Andrew Lapthorne)指出，最近几周，要素表现出现了一些更加戏剧性的变化。</blockquote></p><p> Take long/short<i><b>Value-Momentum</b></i>, arguably one of, if not the, most popular quant strategies, which had been in the ascendancy this year as both Value and Price Momentum factors converged around the cyclical recovery/inflation theme. But in recent weeks, and especially after last week's FOMC, the strategy suffered a historic reversal, posting its worst monthly decline since 2002 according to Lapthorne's calculations,<b>with the 4.3% loss on Thursday ranking as the 14th worst day for our Value-Momentum factor since 1990.</b></p><p><blockquote>做多/做空<i><b>价值动量</b></i>，可以说是最受欢迎的量化策略之一，如果不是最受欢迎的量化策略之一，随着价值和价格动量因素都围绕周期性复苏/通胀主题汇聚，该策略今年一直占据主导地位。但最近几周，尤其是在上周FOMC会议之后，该策略遭遇了历史性逆转，根据Lapthorne的计算，创下了自2002年以来最严重的月度跌幅，<b>周四下跌4.3%，成为自1990年以来价值动量因素第14糟糕的一天。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/caa6e5dd3b825a85e3d17a0a44121cc7\" tg-width=\"500\" tg-height=\"375\">And, as the next chart show, on a monthly basis, the monthly drawdown in long/short Value-Momentum has been the biggest on record.</p><p><blockquote>而且，正如下图所示，按月计算，多头/空头价值动量的月度下降是有记录以来最大的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/882eeb65a4cbed4956fa890405ad1d7d\" tg-width=\"500\" tg-height=\"370\"></p><p><blockquote></blockquote></p><p> Other quant factors have done better: earnings momentum (bottom-up upgrades and downgrades) remains strong, with 62% of all global estimate changes for 2021 coming through as upgrades and with a high percentage of those upgrades coming through in the reflation sectors (Industrials, Basic Materials, Financial and Energy).</p><p><blockquote>其他量化因素表现更好：盈利势头（自下而上的升级和降级）依然强劲，2021年全球预估变化中有62%是升级，其中很大一部分升级发生在通货再膨胀行业（工业、基础材料、金融和能源）。</blockquote></p><p> So, while markets have cooled on the reflation theme in recent weeks, the profit momentum story is still aligned, and while the copper price has retracted back to mid-April levels, the oil price is now above pre-pandemic levels. At the same time, Lapthorne concludes, the rate of increase is slowing (it had to at some stage), base effects from last year’s slump will be behind us, and we are entering a period when company reporting is typically quieter. So macro noise looks set to dominate for some time.</p><p><blockquote>因此，尽管最近几周市场对通货再膨胀主题有所降温，但利润势头的故事仍然一致，尽管铜价已回落至4月中旬的水平，但油价目前高于大流行前的水平。与此同时，拉普索恩总结道，增长率正在放缓（在某个阶段不得不放缓），去年经济衰退的基数效应将成为过去，我们正在进入公司报告通常更加安静的时期。因此，宏观噪音看起来将在一段时间内占据主导地位。</blockquote></p><p></p>","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>Top Quant Strategy Just Suffered Its Biggest Ever Monthly Loss<blockquote>顶级量化策略刚刚遭受有史以来最大的月度损失</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\">\nTop Quant Strategy Just Suffered Its Biggest Ever Monthly Loss<blockquote>顶级量化策略刚刚遭受有史以来最大的月度损失</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-23 15:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With all the drama and focus on&nbsp; the inflation story, especially after last week's<i>transitory h</i>awkish pivot by the Fed, SocGen's Andrew Lapthorne points out that there have been some even more dramatic moves in factor performance in recent weeks.</p><p><blockquote>所有的戏剧性事件和对通货膨胀故事的关注，特别是在上周之后<i>瞬态h</i>法国兴业银行(SocGen)的安德鲁·拉普索恩(Andrew Lapthorne)指出，最近几周，要素表现出现了一些更加戏剧性的变化。</blockquote></p><p> Take long/short<i><b>Value-Momentum</b></i>, arguably one of, if not the, most popular quant strategies, which had been in the ascendancy this year as both Value and Price Momentum factors converged around the cyclical recovery/inflation theme. But in recent weeks, and especially after last week's FOMC, the strategy suffered a historic reversal, posting its worst monthly decline since 2002 according to Lapthorne's calculations,<b>with the 4.3% loss on Thursday ranking as the 14th worst day for our Value-Momentum factor since 1990.</b></p><p><blockquote>做多/做空<i><b>价值动量</b></i>，可以说是最受欢迎的量化策略之一，如果不是最受欢迎的量化策略之一，随着价值和价格动量因素都围绕周期性复苏/通胀主题汇聚，该策略今年一直占据主导地位。但最近几周，尤其是在上周FOMC会议之后，该策略遭遇了历史性逆转，根据Lapthorne的计算，创下了自2002年以来最严重的月度跌幅，<b>周四下跌4.3%，成为自1990年以来价值动量因素第14糟糕的一天。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/caa6e5dd3b825a85e3d17a0a44121cc7\" tg-width=\"500\" tg-height=\"375\">And, as the next chart show, on a monthly basis, the monthly drawdown in long/short Value-Momentum has been the biggest on record.</p><p><blockquote>而且，正如下图所示，按月计算，多头/空头价值动量的月度下降是有记录以来最大的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/882eeb65a4cbed4956fa890405ad1d7d\" tg-width=\"500\" tg-height=\"370\"></p><p><blockquote></blockquote></p><p> Other quant factors have done better: earnings momentum (bottom-up upgrades and downgrades) remains strong, with 62% of all global estimate changes for 2021 coming through as upgrades and with a high percentage of those upgrades coming through in the reflation sectors (Industrials, Basic Materials, Financial and Energy).</p><p><blockquote>其他量化因素表现更好：盈利势头（自下而上的升级和降级）依然强劲，2021年全球预估变化中有62%是升级，其中很大一部分升级发生在通货再膨胀行业（工业、基础材料、金融和能源）。</blockquote></p><p> So, while markets have cooled on the reflation theme in recent weeks, the profit momentum story is still aligned, and while the copper price has retracted back to mid-April levels, the oil price is now above pre-pandemic levels. At the same time, Lapthorne concludes, the rate of increase is slowing (it had to at some stage), base effects from last year’s slump will be behind us, and we are entering a period when company reporting is typically quieter. So macro noise looks set to dominate for some time.</p><p><blockquote>因此，尽管最近几周市场对通货再膨胀主题有所降温，但利润势头的故事仍然一致，尽管铜价已回落至4月中旬的水平，但油价目前高于大流行前的水平。与此同时，拉普索恩总结道，增长率正在放缓（在某个阶段不得不放缓），去年经济衰退的基数效应将成为过去，我们正在进入公司报告通常更加安静的时期。因此，宏观噪音看起来将在一段时间内占据主导地位。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/top-quant-strategy-just-suffered-its-biggest-ever-monthly-loss\">zerohedge</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","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/top-quant-strategy-just-suffered-its-biggest-ever-monthly-loss","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195810880","content_text":"With all the drama and focus on  the inflation story, especially after last week'stransitory hawkish pivot by the Fed, SocGen's Andrew Lapthorne points out that there have been some even more dramatic moves in factor performance in recent weeks.\nTake long/shortValue-Momentum, arguably one of, if not the, most popular quant strategies, which had been in the ascendancy this year as both Value and Price Momentum factors converged around the cyclical recovery/inflation theme. But in recent weeks, and especially after last week's FOMC, the strategy suffered a historic reversal, posting its worst monthly decline since 2002 according to Lapthorne's calculations,with the 4.3% loss on Thursday ranking as the 14th worst day for our Value-Momentum factor since 1990.\nAnd, as the next chart show, on a monthly basis, the monthly drawdown in long/short Value-Momentum has been the biggest on record.\n\nOther quant factors have done better: earnings momentum (bottom-up upgrades and downgrades) remains strong, with 62% of all global estimate changes for 2021 coming through as upgrades and with a high percentage of those upgrades coming through in the reflation sectors (Industrials, Basic Materials, Financial and Energy).\nSo, while markets have cooled on the reflation theme in recent weeks, the profit momentum story is still aligned, and while the copper price has retracted back to mid-April levels, the oil price is now above pre-pandemic levels. At the same time, Lapthorne concludes, the rate of increase is slowing (it had to at some stage), base effects from last year’s slump will be behind us, and we are entering a period when company reporting is typically quieter. So macro noise looks set to dominate for some time.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123453482,"gmtCreate":1624436025746,"gmtModify":1634006168163,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123453482","repostId":"1154606680","repostType":4,"repost":{"id":"1154606680","kind":"news","pubTimestamp":1624434937,"share":"https://www.laohu8.com/m/news/1154606680?lang=zh_CN&edition=full","pubTime":"2021-06-23 15:55","market":"us","language":"en","title":"Disappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>收益率跃升至15个月高点，令人失望的2年期拍卖尾部</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154606680","media":"zerohedge","summary":"Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the ","content":"<p>Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.</p><p><blockquote>上周美联储进行技术性调整后，短期利率大幅走高，将IOER和RRP分别推高5个基点至15个基点和5个基点，这对所有短期收益率产生了下游影响，今天的2年期拍卖就是一个例子。点印刷利率为0.249%，为2020年3月以来的最高收益率，较发行时的0.244%落后0.5个基点。这是自2020年7月拍卖滞后0.9个基点以来2年期最大的尾部。</blockquote></p><p> And yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.</p><p><blockquote>然而，今天的2年期拍卖也不全是坏事：回补出价从2.736下降到2.540，但即便如此，它仍高于6次拍卖的平均水平。</blockquote></p><p> The internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.</p><p><blockquote>内部因素也一致，间接因素下降了50.6%，低于上个月的57.1%，略低于近期平均水平52.4%。直接分配18.5%，略高于5月份的18.0%，但低于4月份的18.5%，交易商持有30.9%，也高于近期31.1%的平均水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6e8c02d689feb21b4def802af2cbb5cd\" tg-width=\"1280\" tg-height=\"803\"></p><p><blockquote></blockquote></p><p> And while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.</p><p><blockquote>虽然此次拍卖表面上令人失望，但由于市场更激进的加息定价和IOER/RRP上调，美联储加息后2年期国债收益率大幅走高的预期，情况可能会更糟。投资者由于该票据新的和改进的利差状况。然而，正如Newsquawk指出的那样，值得注意的是，2s在盘中早些时候一直在走高，可能会在拍卖时有所降低。</blockquote></p><p> Bottom line: not a pretty auction, but it could have been far worse all things considered.</p><p><blockquote>一句话：这不是一场漂亮的拍卖，但从各方面考虑，情况可能会更糟。</blockquote></p><p></p>","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>Disappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>收益率跃升至15个月高点，令人失望的2年期拍卖尾部</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\">\nDisappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>收益率跃升至15个月高点，令人失望的2年期拍卖尾部</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-23 15:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.</p><p><blockquote>上周美联储进行技术性调整后，短期利率大幅走高，将IOER和RRP分别推高5个基点至15个基点和5个基点，这对所有短期收益率产生了下游影响，今天的2年期拍卖就是一个例子。点印刷利率为0.249%，为2020年3月以来的最高收益率，较发行时的0.244%落后0.5个基点。这是自2020年7月拍卖滞后0.9个基点以来2年期最大的尾部。</blockquote></p><p> And yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.</p><p><blockquote>然而，今天的2年期拍卖也不全是坏事：回补出价从2.736下降到2.540，但即便如此，它仍高于6次拍卖的平均水平。</blockquote></p><p> The internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.</p><p><blockquote>内部因素也一致，间接因素下降了50.6%，低于上个月的57.1%，略低于近期平均水平52.4%。直接分配18.5%，略高于5月份的18.0%，但低于4月份的18.5%，交易商持有30.9%，也高于近期31.1%的平均水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6e8c02d689feb21b4def802af2cbb5cd\" tg-width=\"1280\" tg-height=\"803\"></p><p><blockquote></blockquote></p><p> And while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.</p><p><blockquote>虽然此次拍卖表面上令人失望，但由于市场更激进的加息定价和IOER/RRP上调，美联储加息后2年期国债收益率大幅走高的预期，情况可能会更糟。投资者由于该票据新的和改进的利差状况。然而，正如Newsquawk指出的那样，值得注意的是，2s在盘中早些时候一直在走高，可能会在拍卖时有所降低。</blockquote></p><p> Bottom line: not a pretty auction, but it could have been far worse all things considered.</p><p><blockquote>一句话：这不是一场漂亮的拍卖，但从各方面考虑，情况可能会更糟。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/disappointing-2y-auction-tails-yield-jumps-15-month-high\">zerohedge</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":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/disappointing-2y-auction-tails-yield-jumps-15-month-high","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154606680","content_text":"Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.\nAnd yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.\nThe internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.\n\nAnd while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.\nBottom line: not a pretty auction, but it could have been far worse all things considered.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123453330,"gmtCreate":1624436010620,"gmtModify":1634006168509,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/123453330","repostId":"1112493847","repostType":4,"isVote":1,"tweetType":1,"viewCount":3128,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129567440,"gmtCreate":1624378048980,"gmtModify":1634006985589,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129567440","repostId":"1185822687","repostType":4,"repost":{"id":"1185822687","kind":"news","pubTimestamp":1624374519,"share":"https://www.laohu8.com/m/news/1185822687?lang=zh_CN&edition=full","pubTime":"2021-06-22 23:08","market":"us","language":"en","title":"Vivendi Shareholders Approve Spinoff of Universal Music<blockquote>维旺迪股东批准分拆环球音乐</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185822687","media":"The Wall Street Journal","summary":"Universal shares to be listed in Amsterdam in September.\n\nVivendi SE shareholders approved the Frenc","content":"<p>  Universal shares to be listed in Amsterdam in September.  Vivendi SE shareholders approved the French media conglomerate’s plan to spin off its Universal Music Group unit, bringing the world’s largest music company a step closer to becoming its own public entity.</p><p><blockquote>环球股票将于9月在阿姆斯特丹上市。维旺迪股东批准了这家法国媒体集团剥离其环球音乐集团部门的计划，使这家全球最大的音乐公司距离成为自己的公共实体又近了一步。</blockquote></p><p> With more than 99% approval, shareholders backed the plan to distribute 60% of Universal’s shares to existing Vivendi shareholders and to list the company on the Euronext Amsterdam stock exchange. Vivendi executives said the listing would take place on Sept. 21.</p><p><blockquote>股东们以超过99%的支持率支持将环球60%的股份分配给维旺迪现有股东并在阿姆斯特丹泛欧交易所上市的计划。维旺迪高管表示，上市将于9月21日进行。</blockquote></p><p> Universal, home to stars including Taylor Swift, Billie Eilish, Queen and the Beatles, commands some 40% market share in the domestic recorded music business—30% globally—and operates the world’s second-largest music publishing company, which last year bought Bob Dylan’s entire songwriting catalog.</p><p><blockquote>环球影业拥有泰勒·斯威夫特(Taylor Swift)、比莉·埃利什(Billie Eilish)、皇后乐队(Queen)和披头士(Beatles)等明星，在国内录音音乐业务中占据约40%的市场份额（全球市场份额为30%），并经营着全球第二大音乐出版公司，该公司去年收购了鲍勃·迪伦(Bob Dylan)的整个歌曲创作目录。</blockquote></p><p> Over the weekend, Vivendi reached an agreement for a 10% investment in Universal by William Ackman’s Pershing Square Tontine Holdings Ltd., valuing the company at €35 billion, or about $40 billion. The Wall Street Journalpreviously reportedon the discussions. In an email to employees, Universal Chief Executive Lucian Grainge called the investment a “strong validation.”</p><p><blockquote>周末，维旺迪达成协议，威廉·阿克曼(William Ackman)的潘兴广场通廷控股有限公司(Pershing Square Tontine Holdings Ltd.)投资环球10%，对该公司的估值为350亿欧元，约合400亿美元。《华尔街日报》此前报道了这些讨论。在给员工的一封电子邮件中，环球首席执行官卢西恩·格兰奇(Lucian Grainge)称这项投资是“强有力的验证”。</blockquote></p><p> Tencent Holdings Ltd. owns about 20% of Universal after the Chinese internet conglomeratedoubled its stakelast year in a deal that valued the business at about €30 billion.</p><p><blockquote>腾讯控股控股有限公司拥有环球影业约20%的股份，这家中国互联网集团去年将其股份增加了一倍，交易对该业务的估值约为300亿欧元。</blockquote></p><p> “The fact that we now have, in addition to Vivendi, two committed investors—the consortium led by Tencent, as well as PSTH—is as powerful an endorsement as one could imagine from the investment and technology communities,” said Mr. Grainge in the note.</p><p><blockquote>格兰奇先生表示：“除了维旺迪之外，我们现在还有两个坚定的投资者——腾讯控股领导的财团以及PSTH——这是投资和技术界可以想象的最有力的支持。”笔记。</blockquote></p><p> Universal is set to join Warner Music Group Corp. in the public market. The third-largest recorded music company—which owns labels including Atlantic, Elektra and its flagship Warner Records, as well as Warner Chappell Music, the third-largest music publisher—listed on the Nasdaq last June. Shares surged in their debut and have climbed 15% over the past year.</p><p><blockquote>环球影业将在公开市场上加入华纳音乐集团公司。这家第三大唱片公司去年6月在纳斯达克上市，旗下拥有Atlantic、Elektra及其旗舰华纳唱片公司等唱片公司，以及第三大音乐出版商华纳沙佩尔音乐公司。股价首次亮相就飙升，过去一年上涨了15%。</blockquote></p><p> The resurgent music industry has piqued the interest of the investment community as it has been growing quickly thanks to the rise of streaming on services such as Spotify and Apple Music. After a 15-year decline amid rampant online piracy, the music business’s fortunes started to turn around in 2016, when thegrowth from streaming servicesbegan to outweigh dropping CD and digital download sales. Streaming now accounts for more than 80% of recorded-music revenue in the U.S. and more than 60% globally.</p><p><blockquote>复兴的音乐行业引起了投资界的兴趣，因为由于Spotify和苹果音乐等流媒体服务的兴起，音乐行业一直在快速增长。在因网络盗版猖獗而经历了15年的下滑之后，音乐行业的命运在2016年开始扭转，当时流媒体服务的增长开始超过CD和数字下载销量的下降。流媒体目前占美国录制音乐收入的80%以上，占全球60%以上。</blockquote></p><p></p>","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>Vivendi Shareholders Approve Spinoff of Universal Music<blockquote>维旺迪股东批准分拆环球音乐</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\">\nVivendi Shareholders Approve Spinoff of Universal Music<blockquote>维旺迪股东批准分拆环球音乐</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-22 23:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Universal shares to be listed in Amsterdam in September.  Vivendi SE shareholders approved the French media conglomerate’s plan to spin off its Universal Music Group unit, bringing the world’s largest music company a step closer to becoming its own public entity.</p><p><blockquote>环球股票将于9月在阿姆斯特丹上市。维旺迪股东批准了这家法国媒体集团剥离其环球音乐集团部门的计划，使这家全球最大的音乐公司距离成为自己的公共实体又近了一步。</blockquote></p><p> With more than 99% approval, shareholders backed the plan to distribute 60% of Universal’s shares to existing Vivendi shareholders and to list the company on the Euronext Amsterdam stock exchange. Vivendi executives said the listing would take place on Sept. 21.</p><p><blockquote>股东们以超过99%的支持率支持将环球60%的股份分配给维旺迪现有股东并在阿姆斯特丹泛欧交易所上市的计划。维旺迪高管表示，上市将于9月21日进行。</blockquote></p><p> Universal, home to stars including Taylor Swift, Billie Eilish, Queen and the Beatles, commands some 40% market share in the domestic recorded music business—30% globally—and operates the world’s second-largest music publishing company, which last year bought Bob Dylan’s entire songwriting catalog.</p><p><blockquote>环球影业拥有泰勒·斯威夫特(Taylor Swift)、比莉·埃利什(Billie Eilish)、皇后乐队(Queen)和披头士(Beatles)等明星，在国内录音音乐业务中占据约40%的市场份额（全球市场份额为30%），并经营着全球第二大音乐出版公司，该公司去年收购了鲍勃·迪伦(Bob Dylan)的整个歌曲创作目录。</blockquote></p><p> Over the weekend, Vivendi reached an agreement for a 10% investment in Universal by William Ackman’s Pershing Square Tontine Holdings Ltd., valuing the company at €35 billion, or about $40 billion. The Wall Street Journalpreviously reportedon the discussions. In an email to employees, Universal Chief Executive Lucian Grainge called the investment a “strong validation.”</p><p><blockquote>周末，维旺迪达成协议，威廉·阿克曼(William Ackman)的潘兴广场通廷控股有限公司(Pershing Square Tontine Holdings Ltd.)投资环球10%，对该公司的估值为350亿欧元，约合400亿美元。《华尔街日报》此前报道了这些讨论。在给员工的一封电子邮件中，环球首席执行官卢西恩·格兰奇(Lucian Grainge)称这项投资是“强有力的验证”。</blockquote></p><p> Tencent Holdings Ltd. owns about 20% of Universal after the Chinese internet conglomeratedoubled its stakelast year in a deal that valued the business at about €30 billion.</p><p><blockquote>腾讯控股控股有限公司拥有环球影业约20%的股份，这家中国互联网集团去年将其股份增加了一倍，交易对该业务的估值约为300亿欧元。</blockquote></p><p> “The fact that we now have, in addition to Vivendi, two committed investors—the consortium led by Tencent, as well as PSTH—is as powerful an endorsement as one could imagine from the investment and technology communities,” said Mr. Grainge in the note.</p><p><blockquote>格兰奇先生表示：“除了维旺迪之外，我们现在还有两个坚定的投资者——腾讯控股领导的财团以及PSTH——这是投资和技术界可以想象的最有力的支持。”笔记。</blockquote></p><p> Universal is set to join Warner Music Group Corp. in the public market. The third-largest recorded music company—which owns labels including Atlantic, Elektra and its flagship Warner Records, as well as Warner Chappell Music, the third-largest music publisher—listed on the Nasdaq last June. Shares surged in their debut and have climbed 15% over the past year.</p><p><blockquote>环球影业将在公开市场上加入华纳音乐集团公司。这家第三大唱片公司去年6月在纳斯达克上市，旗下拥有Atlantic、Elektra及其旗舰华纳唱片公司等唱片公司，以及第三大音乐出版商华纳沙佩尔音乐公司。股价首次亮相就飙升，过去一年上涨了15%。</blockquote></p><p> The resurgent music industry has piqued the interest of the investment community as it has been growing quickly thanks to the rise of streaming on services such as Spotify and Apple Music. After a 15-year decline amid rampant online piracy, the music business’s fortunes started to turn around in 2016, when thegrowth from streaming servicesbegan to outweigh dropping CD and digital download sales. Streaming now accounts for more than 80% of recorded-music revenue in the U.S. and more than 60% globally.</p><p><blockquote>复兴的音乐行业引起了投资界的兴趣，因为由于Spotify和苹果音乐等流媒体服务的兴起，音乐行业一直在快速增长。在因网络盗版猖獗而经历了15年的下滑之后，音乐行业的命运在2016年开始扭转，当时流媒体服务的增长开始超过CD和数字下载销量的下降。流媒体目前占美国录制音乐收入的80%以上，占全球60%以上。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/vivendi-shareholders-approve-spinoff-of-universal-music-11624357650\">The Wall Street Journal</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":{},"source_url":"https://www.wsj.com/articles/vivendi-shareholders-approve-spinoff-of-universal-music-11624357650","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185822687","content_text":"Universal shares to be listed in Amsterdam in September.\n\nVivendi SE shareholders approved the French media conglomerate’s plan to spin off its Universal Music Group unit, bringing the world’s largest music company a step closer to becoming its own public entity.\nWith more than 99% approval, shareholders backed the plan to distribute 60% of Universal’s shares to existing Vivendi shareholders and to list the company on the Euronext Amsterdam stock exchange. Vivendi executives said the listing would take place on Sept. 21.\nUniversal, home to stars including Taylor Swift, Billie Eilish, Queen and the Beatles, commands some 40% market share in the domestic recorded music business—30% globally—and operates the world’s second-largest music publishing company, which last year bought Bob Dylan’s entire songwriting catalog.\nOver the weekend, Vivendi reached an agreement for a 10% investment in Universal by William Ackman’s Pershing Square Tontine Holdings Ltd., valuing the company at €35 billion, or about $40 billion. The Wall Street Journalpreviously reportedon the discussions. In an email to employees, Universal Chief Executive Lucian Grainge called the investment a “strong validation.”\nTencent Holdings Ltd. owns about 20% of Universal after the Chinese internet conglomeratedoubled its stakelast year in a deal that valued the business at about €30 billion.\n“The fact that we now have, in addition to Vivendi, two committed investors—the consortium led by Tencent, as well as PSTH—is as powerful an endorsement as one could imagine from the investment and technology communities,” said Mr. Grainge in the note.\nUniversal is set to join Warner Music Group Corp. in the public market. The third-largest recorded music company—which owns labels including Atlantic, Elektra and its flagship Warner Records, as well as Warner Chappell Music, the third-largest music publisher—listed on the Nasdaq last June. Shares surged in their debut and have climbed 15% over the past year.\nThe resurgent music industry has piqued the interest of the investment community as it has been growing quickly thanks to the rise of streaming on services such as Spotify and Apple Music. After a 15-year decline amid rampant online piracy, the music business’s fortunes started to turn around in 2016, when thegrowth from streaming servicesbegan to outweigh dropping CD and digital download sales. Streaming now accounts for more than 80% of recorded-music revenue in the U.S. and more than 60% globally.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129564632,"gmtCreate":1624378021426,"gmtModify":1634006986720,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129564632","repostId":"1156381928","repostType":4,"isVote":1,"tweetType":1,"viewCount":561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129565709,"gmtCreate":1624378009901,"gmtModify":1634006987064,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129565709","repostId":"1190428306","repostType":4,"isVote":1,"tweetType":1,"viewCount":465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129565536,"gmtCreate":1624377999325,"gmtModify":1634006987308,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129565536","repostId":"1169498109","repostType":4,"isVote":1,"tweetType":1,"viewCount":592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129565887,"gmtCreate":1624377991249,"gmtModify":1634006987671,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/129565887","repostId":"1118580429","repostType":4,"isVote":1,"tweetType":1,"viewCount":733,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129565939,"gmtCreate":1624377979621,"gmtModify":1634006988014,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129565939","repostId":"2145056554","repostType":4,"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129398204,"gmtCreate":1624356866708,"gmtModify":1634007357103,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129398204","repostId":"1158893202","repostType":4,"repost":{"id":"1158893202","kind":"news","pubTimestamp":1624356715,"share":"https://www.laohu8.com/m/news/1158893202?lang=zh_CN&edition=full","pubTime":"2021-06-22 18:11","market":"us","language":"en","title":"Google Faces EU Antitrust Probe of Alleged Ad-Tech Abuses<blockquote>谷歌因涉嫌滥用广告技术而面临欧盟反垄断调查</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158893202","media":"The Wall Street Journal","summary":"EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.\n\nThe","content":"<p>  EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.  The European Union opened a formal antitrust investigation into allegations that Google abuses its leading role in the advertising-technology sector, the most wide-ranging case yet to look at that pillar of the tech giant’s business.</p><p><blockquote>欧盟调查加强了对谷歌在互联网上代理数字广告的主导作用的审查。欧盟对谷歌滥用其在广告技术领域领导地位的指控展开了正式的反垄断调查，这是迄今为止针对这家科技巨头业务支柱的最广泛的案件。</blockquote></p><p> The European Commission, the EU’s top antitrust enforcer, said Tuesday that its investigation, which has been under way informally since at least 2019, will look at a broad array of allegedly anticompetitive business practices around theAlphabetInc.GOOG0.71%unit’s brokering of advertisements and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.</p><p><blockquote>欧盟最高反垄断执法机构欧盟委员会周二表示，其调查至少自2019年以来一直在非正式进行，将调查围绕AlphabetInc.GOOG 0.71%部门的广告经纪和共享的一系列涉嫌反竞争的商业行为。通过网站和移动应用程序与广告商共享用户数据——这是该公司反垄断审查的最新领域之一。</blockquote></p><p> Some of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.</p><p><blockquote>欧盟的一些调查将涵盖与去年以德克萨斯州为首的美国各州对谷歌提起的诉讼类似的理由。类似的领域包括谷歌据称在其运营的广告拍卖中偏爱自己的广告购买工具。</blockquote></p><p> But the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.</p><p><blockquote>但欧盟的调查还将涵盖尚未成为任何地方正式调查主题的投诉，包括谷歌涉嫌排除竞争对手在谷歌旗下视频网站YouTube上进行广告购买。</blockquote></p><p> The EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.</p><p><blockquote>欧盟的调查还在审查谷歌在其平台上屏蔽某些用户跟踪技术的计划，如Chrome浏览器和Android移动操作系统。减少此类跟踪至少在一定程度上是对隐私监管机构和活动人士压力的回应，但也导致了广告技术行业竞争对手的反垄断投诉。</blockquote></p><p> “Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”</p><p><blockquote>欧盟反垄断负责人玛格丽特·维斯塔格(Margrethe Vestager)表示：“在线广告服务是谷歌和出版商在线服务货币化的核心。”“我们担心谷歌让竞争对手的在线广告服务更难在所谓的广告技术堆栈中竞争。”</blockquote></p><p> Google didn’t immediately respond to a request for comment.</p><p><blockquote>谷歌没有立即回应置评请求。</blockquote></p><p></p>","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>Google Faces EU Antitrust Probe of Alleged Ad-Tech Abuses<blockquote>谷歌因涉嫌滥用广告技术而面临欧盟反垄断调查</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\">\nGoogle Faces EU Antitrust Probe of Alleged Ad-Tech Abuses<blockquote>谷歌因涉嫌滥用广告技术而面临欧盟反垄断调查</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-22 18:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.  The European Union opened a formal antitrust investigation into allegations that Google abuses its leading role in the advertising-technology sector, the most wide-ranging case yet to look at that pillar of the tech giant’s business.</p><p><blockquote>欧盟调查加强了对谷歌在互联网上代理数字广告的主导作用的审查。欧盟对谷歌滥用其在广告技术领域领导地位的指控展开了正式的反垄断调查，这是迄今为止针对这家科技巨头业务支柱的最广泛的案件。</blockquote></p><p> The European Commission, the EU’s top antitrust enforcer, said Tuesday that its investigation, which has been under way informally since at least 2019, will look at a broad array of allegedly anticompetitive business practices around theAlphabetInc.GOOG0.71%unit’s brokering of advertisements and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.</p><p><blockquote>欧盟最高反垄断执法机构欧盟委员会周二表示，其调查至少自2019年以来一直在非正式进行，将调查围绕AlphabetInc.GOOG 0.71%部门的广告经纪和共享的一系列涉嫌反竞争的商业行为。通过网站和移动应用程序与广告商共享用户数据——这是该公司反垄断审查的最新领域之一。</blockquote></p><p> Some of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.</p><p><blockquote>欧盟的一些调查将涵盖与去年以德克萨斯州为首的美国各州对谷歌提起的诉讼类似的理由。类似的领域包括谷歌据称在其运营的广告拍卖中偏爱自己的广告购买工具。</blockquote></p><p> But the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.</p><p><blockquote>但欧盟的调查还将涵盖尚未成为任何地方正式调查主题的投诉，包括谷歌涉嫌排除竞争对手在谷歌旗下视频网站YouTube上进行广告购买。</blockquote></p><p> The EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.</p><p><blockquote>欧盟的调查还在审查谷歌在其平台上屏蔽某些用户跟踪技术的计划，如Chrome浏览器和Android移动操作系统。减少此类跟踪至少在一定程度上是对隐私监管机构和活动人士压力的回应，但也导致了广告技术行业竞争对手的反垄断投诉。</blockquote></p><p> “Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”</p><p><blockquote>欧盟反垄断负责人玛格丽特·维斯塔格(Margrethe Vestager)表示：“在线广告服务是谷歌和出版商在线服务货币化的核心。”“我们担心谷歌让竞争对手的在线广告服务更难在所谓的广告技术堆栈中竞争。”</blockquote></p><p> Google didn’t immediately respond to a request for comment.</p><p><blockquote>谷歌没有立即回应置评请求。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/google-faces-eu-antitrust-probe-of-alleged-ad-tech-abuses-11624355128?mod=hp_lead_pos1\">The Wall Street Journal</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":{"GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://www.wsj.com/articles/google-faces-eu-antitrust-probe-of-alleged-ad-tech-abuses-11624355128?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158893202","content_text":"EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.\n\nThe European Union opened a formal antitrust investigation into allegations that Google abuses its leading role in the advertising-technology sector, the most wide-ranging case yet to look at that pillar of the tech giant’s business.\nThe European Commission, the EU’s top antitrust enforcer, said Tuesday that its investigation, which has been under way informally since at least 2019, will look at a broad array of allegedly anticompetitive business practices around theAlphabetInc.GOOG0.71%unit’s brokering of advertisements and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.\nSome of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.\nBut the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.\nThe EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.\n“Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”\nGoogle didn’t immediately respond to a request for comment.","news_type":1,"symbols_score_info":{"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129936173,"gmtCreate":1624350383292,"gmtModify":1634007415733,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/129936173","repostId":"1102641349","repostType":4,"isVote":1,"tweetType":1,"viewCount":453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129936907,"gmtCreate":1624350369709,"gmtModify":1634007415977,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129936907","repostId":"1189857510","repostType":4,"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165280774,"gmtCreate":1624146591198,"gmtModify":1634010385664,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/165280774","repostId":"1161408410","repostType":4,"isVote":1,"tweetType":1,"viewCount":652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":160676814,"gmtCreate":1623798234138,"gmtModify":1634028193038,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/160676814","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","kind":"news","pubTimestamp":1623762167,"share":"https://www.laohu8.com/m/news/1191245053?lang=zh_CN&edition=full","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境：周五2万亿美元伽马到期将如何影响市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p><p><blockquote>上周，在讨论将VIX推至新冠大流行爆发以来的最低水平的市场夏季低迷时，我们表示，这段异常的市场平静期可能会持续到本周五的“四女巫”，届时大量的gamma和delta到期并去风险，在此过程中消除了股票的自然下行缓冲之一（请参阅“市场低迷随着下周五的Op-Ex而结束的4个原因”）。</blockquote></p><p> So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p><p><blockquote>因此，高盛内部衍生品专家洛基·菲什曼(Rocky Fishman)在谈到周五“可能影响市场的运营支出”的话题时，预览了即将到来的6月份到期，他称之为“规模很大——与典型的季度相当”。具体而言，<b>周五有1.8万亿美元的SPX期权到期，此外还有2400亿美元的SPDR标普500指数ETF期权以及2000亿美元的SPX和SPX E-mini期货期权。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p><p><blockquote>然而，尽管这些总数很大，<b>根据指数规模进行调整后，当前现货10%以内的到期期权数量比过去十年中的任何一个季度都要少。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p><p><blockquote>值得注意的是，根据高盛的估计，combos账户<b>对于15-20%的SPX期权，</b>因此，调整后的未平仓合约总额将达到1.5万亿美元，仍远高于即将到期的单一股票未平仓合约总额（7750亿美元）。此外，由于股市处于历史高位，预计6月份大部分未平仓合约均低于当前SPX现货价格。如下图所示，双峰在3900和4150。这意味着周五之后，在伽马被重新填充之前，这些点周围可能会有一定的“反”重力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p><p><blockquote>这位高盛策略师随后解释了他认为低于已实现市场波动率的异常低水平的情况，并指出——正如我们上周讨论的——这与多头伽马头寸一致。考虑一下SPX<b>过去13个交易日的已实现波动率仅为5.1%，为2019年以来最低的13天已实现波动率。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p><p><blockquote>这与单一股票市场部分地区的极端波动形成鲜明对比；AMC上周是个股中合约量最高的（但名义交易量为70亿美元/天，远低于AMZN领先的1200亿美元/天），同期已实现成交量接近400%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p><p><blockquote>然后，正如野村证券的Charlie McElligott上周首次指出的那样，高盛的衍生品团队同意<b>极低的SPX已实现波动性与6月18日离开“华尔街”多头指数gamma的可能性是一致的，在这种情况下，Fishman呼应了我们上周所说的，即“一旦头寸变得更加干净，已实现波动性可能会回升。”</b>与此同时，VIX期货相对于SPX的贝塔值上升表明，投资者预计，如果市场抛售，空头伽马动态将会回升。翻译：<u><b>在抛售中，市场将变得更加波动。</b></u></blockquote></p><p> <img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p><p><blockquote>与此同时，与最新的备忘录股票挤压保持一致，高盛还指出，虽然单一股票期权交易量仍然很高，但远低于第一季度的峰值。最近几周，由散户驱动的所有单一股票期权活动的很大比例以及散户活动的预测价值都提高了对单一股票期权市场的关注。近期单一股票期权活动的增长主要集中在低股价股票上，导致过去两周合约交易量大幅上涨，但名义交易量并未与之匹配。在根据股市规模调整名义成交量时，高盛发现过去两周单只股票成交量实际上一直处于2021年区间的低点，这意味着最新的上涨几乎没有伽马挤压成分。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p><p> One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p><p><blockquote>我们最近讨论的最后一点是高盛的观察，即短期SPX期权（每周）和远离季度的趋势仍在继续，这与散户参与交易的不断增加相一致。这也是周五SPX到期时间小于最近许多季度的原因之一，也是为什么随着到期时间的临近，其交易量一直在下降的原因之一。</blockquote></p><p> As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p><p><blockquote>正如高盛所解释的那样，投资者越来越多地采用SPX到期的完整日历，包括每周一和周三的到期，因为他们围绕事件调整了自己的观点。事实上，<b>第三个周五到期的SPX期权交易量百分比处于历史最低点，</b>现在低于周一和周三到期的百分比。超短期交易量增加的一个解释是强劲的单一股票交易量：高盛提出了一个兴趣——“在某种程度上，做市商无法弥补散户投资者看涨期权买入产生的单一股票空头伽马，他们可能会积极交易超短期SPX指数期权的多头头寸，以抵消这种伽马。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p><p><blockquote>为什么这很重要？因为如果这种趋势足够大，它会直接导致低隐含和实现的相关性。<b>具有讽刺意味的是，通过增加单一名称“最受做空的名称”，散户投资者正在市场的其他部分迎来一段非正统的平静时期！</b></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境：周五2万亿美元伽马到期将如何影响市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-15 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p><p><blockquote>上周，在讨论将VIX推至新冠大流行爆发以来的最低水平的市场夏季低迷时，我们表示，这段异常的市场平静期可能会持续到本周五的“四女巫”，届时大量的gamma和delta到期并去风险，在此过程中消除了股票的自然下行缓冲之一（请参阅“市场低迷随着下周五的Op-Ex而结束的4个原因”）。</blockquote></p><p> So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p><p><blockquote>因此，高盛内部衍生品专家洛基·菲什曼(Rocky Fishman)在谈到周五“可能影响市场的运营支出”的话题时，预览了即将到来的6月份到期，他称之为“规模很大——与典型的季度相当”。具体而言，<b>周五有1.8万亿美元的SPX期权到期，此外还有2400亿美元的SPDR标普500指数ETF期权以及2000亿美元的SPX和SPX E-mini期货期权。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p><p><blockquote>然而，尽管这些总数很大，<b>根据指数规模进行调整后，当前现货10%以内的到期期权数量比过去十年中的任何一个季度都要少。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p><p><blockquote>值得注意的是，根据高盛的估计，combos账户<b>对于15-20%的SPX期权，</b>因此，调整后的未平仓合约总额将达到1.5万亿美元，仍远高于即将到期的单一股票未平仓合约总额（7750亿美元）。此外，由于股市处于历史高位，预计6月份大部分未平仓合约均低于当前SPX现货价格。如下图所示，双峰在3900和4150。这意味着周五之后，在伽马被重新填充之前，这些点周围可能会有一定的“反”重力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p><p><blockquote>这位高盛策略师随后解释了他认为低于已实现市场波动率的异常低水平的情况，并指出——正如我们上周讨论的——这与多头伽马头寸一致。考虑一下SPX<b>过去13个交易日的已实现波动率仅为5.1%，为2019年以来最低的13天已实现波动率。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p><p><blockquote>这与单一股票市场部分地区的极端波动形成鲜明对比；AMC上周是个股中合约量最高的（但名义交易量为70亿美元/天，远低于AMZN领先的1200亿美元/天），同期已实现成交量接近400%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p><p><blockquote>然后，正如野村证券的Charlie McElligott上周首次指出的那样，高盛的衍生品团队同意<b>极低的SPX已实现波动性与6月18日离开“华尔街”多头指数gamma的可能性是一致的，在这种情况下，Fishman呼应了我们上周所说的，即“一旦头寸变得更加干净，已实现波动性可能会回升。”</b>与此同时，VIX期货相对于SPX的贝塔值上升表明，投资者预计，如果市场抛售，空头伽马动态将会回升。翻译：<u><b>在抛售中，市场将变得更加波动。</b></u></blockquote></p><p> <img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p><p><blockquote>与此同时，与最新的备忘录股票挤压保持一致，高盛还指出，虽然单一股票期权交易量仍然很高，但远低于第一季度的峰值。最近几周，由散户驱动的所有单一股票期权活动的很大比例以及散户活动的预测价值都提高了对单一股票期权市场的关注。近期单一股票期权活动的增长主要集中在低股价股票上，导致过去两周合约交易量大幅上涨，但名义交易量并未与之匹配。在根据股市规模调整名义成交量时，高盛发现过去两周单只股票成交量实际上一直处于2021年区间的低点，这意味着最新的上涨几乎没有伽马挤压成分。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p><p> One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p><p><blockquote>我们最近讨论的最后一点是高盛的观察，即短期SPX期权（每周）和远离季度的趋势仍在继续，这与散户参与交易的不断增加相一致。这也是周五SPX到期时间小于最近许多季度的原因之一，也是为什么随着到期时间的临近，其交易量一直在下降的原因之一。</blockquote></p><p> As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p><p><blockquote>正如高盛所解释的那样，投资者越来越多地采用SPX到期的完整日历，包括每周一和周三的到期，因为他们围绕事件调整了自己的观点。事实上，<b>第三个周五到期的SPX期权交易量百分比处于历史最低点，</b>现在低于周一和周三到期的百分比。超短期交易量增加的一个解释是强劲的单一股票交易量：高盛提出了一个兴趣——“在某种程度上，做市商无法弥补散户投资者看涨期权买入产生的单一股票空头伽马，他们可能会积极交易超短期SPX指数期权的多头头寸，以抵消这种伽马。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p><p><blockquote>为什么这很重要？因为如果这种趋势足够大，它会直接导致低隐含和实现的相关性。<b>具有讽刺意味的是，通过增加单一名称“最受做空的名称”，散户投资者正在市场的其他部分迎来一段非正统的平静时期！</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">zerohedge</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":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160200460,"gmtCreate":1623798427750,"gmtModify":1634028188038,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/160200460","repostId":"1175265694","repostType":4,"isVote":1,"tweetType":1,"viewCount":266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168204020,"gmtCreate":1623975430760,"gmtModify":1634025009458,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/168204020","repostId":"1107055650","repostType":4,"repost":{"id":"1107055650","kind":"news","pubTimestamp":1623975076,"share":"https://www.laohu8.com/m/news/1107055650?lang=zh_CN&edition=full","pubTime":"2021-06-18 08:11","market":"fut","language":"en","title":"Gold Got Crushed After the Fed’s Big Surprise. Here’s What Could Happen Next.<blockquote>美联储大吃一惊后，金价暴跌。接下来会发生什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107055650","media":"Barrons","summary":"Duck for cover, gold bulls.\nThat was the message the market seemed to send on Thursday, as the preci","content":"<p>Duck for cover, gold bulls.</p><p><blockquote>鸭子做掩护，黄金多头。</blockquote></p><p> That was the message the market seemed to send on Thursday, as the precious metal tumbled $85.70, or 4.6%, to $1,773.80 an ounce, following a curveball from the Federal Reserve.</p><p><blockquote>这似乎是周四市场发出的信息，在美联储的曲线球之后，贵金属暴跌85.70美元，即4.6%，至每盎司1,773.80美元。</blockquote></p><p> On a continuous contract basis, gold is trading at levels not seen since the end of April. It was the biggest drop since November 2020.</p><p><blockquote>从连续合约来看，黄金交易价格处于4月底以来的最高水平。这是自2020年11月以来的最大跌幅。</blockquote></p><p> Gold miners also got hit hard. The&nbsp;VanEck Vectors Gold Miners ETF(GDX) fell 5% to $34.93, while the&nbsp;VanEck Vectors Junior Gold Miners ETF(GDXJ) dropped 4.7% to $49.02. The&nbsp;S&amp;P 500&nbsp;finished the day little changed, while the&nbsp;Dow Jones Industrial Average&nbsp;fell 0.6%, and theNasdaq Compositerose 0.9%.</p><p><blockquote>金矿商也受到重创。VanEck Vectors Gold Miners ETF(GDX)下跌5%至34.93美元，VanEck Vectors Junior Gold Miners ETF(GDXJ)下跌4.7%至49.02美元。标准普尔500指数收盘变化不大，道琼斯工业平均指数下跌0.6%，纳斯达克综合指数上涨0.9%。</blockquote></p><p> While the central bank held policy steady, it also&nbsp;signaled faster and sooner interest rate increases, with its forecast suggesting two increases in 2023. And the Fed increased its inflation forecasts for this year and next.</p><p><blockquote>央行在保持政策稳定的同时，也发出了更快、更早加息的信号，其预测表明2023年将加息两次。美联储上调了今明两年的通胀预期。</blockquote></p><p> Recent data showing surging prices had led many to believe the Fed would at least begin early discussions about reining in some of its ultra-accommodative policy aimed at cushioning the economy from the Covid-19 pandemic. But the outcome was far more hawkish than some expected.</p><p><blockquote>最近显示物价飙升的数据让许多人相信，美联储至少会开始早期讨论控制一些旨在缓冲经济免受Covid-19大流行影响的超宽松政策。但结果远比一些人预期的更加鹰派。</blockquote></p><p> Gold for August delivery settled slightly higher at $1,861.40 on Wednesday, but began to fall in electronic trading after the Fed announcement and kept going. That is as Treasury yields&nbsp;climbed across the board—the yield on the two-year note was hovering the highest level in a year—and the dollar surged.</p><p><blockquote>周三，8月交割的黄金小幅收高，报1,861.40美元，但在美联储宣布这一消息后，电子盘开始下跌，并继续下跌。与此同时，美国国债收益率全面攀升——两年期国债收益率徘徊在一年来的最高水平——美元飙升。</blockquote></p><p> “Higher yields increase the opportunity cost of holding the non-interest-bearing&nbsp;gold, and prospects of a further rise in yields should cap the upside potential in the yellow metal despite the rising inflationary pressures. A sustained positive pressure on yields could send the price of an ounce sustainably below the $1800 level,” said Ipek Ozkardeskaya, senior analyst at Swissquote, in a note to clients.</p><p><blockquote>“较高的收益率增加了持有无息黄金的机会成本，尽管通胀压力不断上升，但收益率进一步上升的前景应该会限制黄金的上行潜力。收益率持续面临的积极压力可能会导致价格上涨Swissquote高级分析师Ipek Ozkardeskaya在给客户的一份报告中表示：“每盎司持续低于1800美元的水平。”</blockquote></p><p> Indeed, gold bulls need to defend that line in the sand, said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda高级市场分析师Edward Moya表示，事实上，黄金多头需要捍卫这条线。</blockquote></p><p> “The Fed’s hawkish pivot is a major buzzkill for gold bulls that could see some momentum selling over the short-term.&nbsp;Short-term Treasury yields will continue to rise and that should provide some underlying support for the dollar, which will keep commodities vulnerable,” Moya told clients in a note.</p><p><blockquote>“美联储的鹰派转向对黄金多头来说是一个重大打击，他们可能会在短期内看到一些抛售势头。短期国债收益率将继续上升，这应该会为美元提供一些潜在支撑，这将使大宗商品保持脆弱，”莫亚在一份报告中告诉客户。</blockquote></p><p> Silver prices tanked along with gold, with June futures trading down nearly $1.956, or 7%, to $27.75 an ounce. A host of industrial metals prices were also lower on the day, a day after China&nbsp;announced plans&nbsp;to release national reserves of industrial metals to cool soaring commodities prices.</p><p><blockquote>白银价格与黄金一起下跌，6月期货交易下跌近1.956美元，跌幅7%，至每盎司27.75美元。许多工业金属价格当天也走低，此前一天，中国宣布计划释放国家工业金属储备，以冷却飙升的大宗商品价格。</blockquote></p><p></p>","source":"lsy1601382232898","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>Gold Got Crushed After the Fed’s Big Surprise. Here’s What Could Happen Next.<blockquote>美联储大吃一惊后，金价暴跌。接下来会发生什么。</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\">\nGold Got Crushed After the Fed’s Big Surprise. Here’s What Could Happen Next.<blockquote>美联储大吃一惊后，金价暴跌。接下来会发生什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-18 08:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Duck for cover, gold bulls.</p><p><blockquote>鸭子做掩护，黄金多头。</blockquote></p><p> That was the message the market seemed to send on Thursday, as the precious metal tumbled $85.70, or 4.6%, to $1,773.80 an ounce, following a curveball from the Federal Reserve.</p><p><blockquote>这似乎是周四市场发出的信息，在美联储的曲线球之后，贵金属暴跌85.70美元，即4.6%，至每盎司1,773.80美元。</blockquote></p><p> On a continuous contract basis, gold is trading at levels not seen since the end of April. It was the biggest drop since November 2020.</p><p><blockquote>从连续合约来看，黄金交易价格处于4月底以来的最高水平。这是自2020年11月以来的最大跌幅。</blockquote></p><p> Gold miners also got hit hard. The&nbsp;VanEck Vectors Gold Miners ETF(GDX) fell 5% to $34.93, while the&nbsp;VanEck Vectors Junior Gold Miners ETF(GDXJ) dropped 4.7% to $49.02. The&nbsp;S&amp;P 500&nbsp;finished the day little changed, while the&nbsp;Dow Jones Industrial Average&nbsp;fell 0.6%, and theNasdaq Compositerose 0.9%.</p><p><blockquote>金矿商也受到重创。VanEck Vectors Gold Miners ETF(GDX)下跌5%至34.93美元，VanEck Vectors Junior Gold Miners ETF(GDXJ)下跌4.7%至49.02美元。标准普尔500指数收盘变化不大，道琼斯工业平均指数下跌0.6%，纳斯达克综合指数上涨0.9%。</blockquote></p><p> While the central bank held policy steady, it also&nbsp;signaled faster and sooner interest rate increases, with its forecast suggesting two increases in 2023. And the Fed increased its inflation forecasts for this year and next.</p><p><blockquote>央行在保持政策稳定的同时，也发出了更快、更早加息的信号，其预测表明2023年将加息两次。美联储上调了今明两年的通胀预期。</blockquote></p><p> Recent data showing surging prices had led many to believe the Fed would at least begin early discussions about reining in some of its ultra-accommodative policy aimed at cushioning the economy from the Covid-19 pandemic. But the outcome was far more hawkish than some expected.</p><p><blockquote>最近显示物价飙升的数据让许多人相信，美联储至少会开始早期讨论控制一些旨在缓冲经济免受Covid-19大流行影响的超宽松政策。但结果远比一些人预期的更加鹰派。</blockquote></p><p> Gold for August delivery settled slightly higher at $1,861.40 on Wednesday, but began to fall in electronic trading after the Fed announcement and kept going. That is as Treasury yields&nbsp;climbed across the board—the yield on the two-year note was hovering the highest level in a year—and the dollar surged.</p><p><blockquote>周三，8月交割的黄金小幅收高，报1,861.40美元，但在美联储宣布这一消息后，电子盘开始下跌，并继续下跌。与此同时，美国国债收益率全面攀升——两年期国债收益率徘徊在一年来的最高水平——美元飙升。</blockquote></p><p> “Higher yields increase the opportunity cost of holding the non-interest-bearing&nbsp;gold, and prospects of a further rise in yields should cap the upside potential in the yellow metal despite the rising inflationary pressures. A sustained positive pressure on yields could send the price of an ounce sustainably below the $1800 level,” said Ipek Ozkardeskaya, senior analyst at Swissquote, in a note to clients.</p><p><blockquote>“较高的收益率增加了持有无息黄金的机会成本，尽管通胀压力不断上升，但收益率进一步上升的前景应该会限制黄金的上行潜力。收益率持续面临的积极压力可能会导致价格上涨Swissquote高级分析师Ipek Ozkardeskaya在给客户的一份报告中表示：“每盎司持续低于1800美元的水平。”</blockquote></p><p> Indeed, gold bulls need to defend that line in the sand, said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda高级市场分析师Edward Moya表示，事实上，黄金多头需要捍卫这条线。</blockquote></p><p> “The Fed’s hawkish pivot is a major buzzkill for gold bulls that could see some momentum selling over the short-term.&nbsp;Short-term Treasury yields will continue to rise and that should provide some underlying support for the dollar, which will keep commodities vulnerable,” Moya told clients in a note.</p><p><blockquote>“美联储的鹰派转向对黄金多头来说是一个重大打击，他们可能会在短期内看到一些抛售势头。短期国债收益率将继续上升，这应该会为美元提供一些潜在支撑，这将使大宗商品保持脆弱，”莫亚在一份报告中告诉客户。</blockquote></p><p> Silver prices tanked along with gold, with June futures trading down nearly $1.956, or 7%, to $27.75 an ounce. A host of industrial metals prices were also lower on the day, a day after China&nbsp;announced plans&nbsp;to release national reserves of industrial metals to cool soaring commodities prices.</p><p><blockquote>白银价格与黄金一起下跌，6月期货交易下跌近1.956美元，跌幅7%，至每盎司27.75美元。许多工业金属价格当天也走低，此前一天，中国宣布计划释放国家工业金属储备，以冷却飙升的大宗商品价格。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/gold-prices-fed-51623923127?mod=hp_LEAD_1\">Barrons</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":{},"source_url":"https://www.barrons.com/articles/gold-prices-fed-51623923127?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107055650","content_text":"Duck for cover, gold bulls.\nThat was the message the market seemed to send on Thursday, as the precious metal tumbled $85.70, or 4.6%, to $1,773.80 an ounce, following a curveball from the Federal Reserve.\nOn a continuous contract basis, gold is trading at levels not seen since the end of April. It was the biggest drop since November 2020.\nGold miners also got hit hard. The VanEck Vectors Gold Miners ETF(GDX) fell 5% to $34.93, while the VanEck Vectors Junior Gold Miners ETF(GDXJ) dropped 4.7% to $49.02. The S&P 500 finished the day little changed, while the Dow Jones Industrial Average fell 0.6%, and theNasdaq Compositerose 0.9%.\nWhile the central bank held policy steady, it also signaled faster and sooner interest rate increases, with its forecast suggesting two increases in 2023. And the Fed increased its inflation forecasts for this year and next.\nRecent data showing surging prices had led many to believe the Fed would at least begin early discussions about reining in some of its ultra-accommodative policy aimed at cushioning the economy from the Covid-19 pandemic. But the outcome was far more hawkish than some expected.\nGold for August delivery settled slightly higher at $1,861.40 on Wednesday, but began to fall in electronic trading after the Fed announcement and kept going. That is as Treasury yields climbed across the board—the yield on the two-year note was hovering the highest level in a year—and the dollar surged.\n“Higher yields increase the opportunity cost of holding the non-interest-bearing gold, and prospects of a further rise in yields should cap the upside potential in the yellow metal despite the rising inflationary pressures. A sustained positive pressure on yields could send the price of an ounce sustainably below the $1800 level,” said Ipek Ozkardeskaya, senior analyst at Swissquote, in a note to clients.\nIndeed, gold bulls need to defend that line in the sand, said Edward Moya, senior market analyst at Oanda.\n“The Fed’s hawkish pivot is a major buzzkill for gold bulls that could see some momentum selling over the short-term. Short-term Treasury yields will continue to rise and that should provide some underlying support for the dollar, which will keep commodities vulnerable,” Moya told clients in a note.\nSilver prices tanked along with gold, with June futures trading down nearly $1.956, or 7%, to $27.75 an ounce. A host of industrial metals prices were also lower on the day, a day after China announced plans to release national reserves of industrial metals to cool soaring commodities prices.","news_type":1,"symbols_score_info":{"GCmain":0.9,"GOLDmain":0.9}},"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123451746,"gmtCreate":1624436063585,"gmtModify":1634006167253,"author":{"id":"3570658912643767","authorId":"3570658912643767","name":"Shihaoyap","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570658912643767","idStr":"3570658912643767"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123451746","repostId":"1195810880","repostType":4,"repost":{"id":"1195810880","kind":"news","pubTimestamp":1624434839,"share":"https://www.laohu8.com/m/news/1195810880?lang=zh_CN&edition=full","pubTime":"2021-06-23 15:53","market":"us","language":"en","title":"Top Quant Strategy Just Suffered Its Biggest Ever Monthly Loss<blockquote>顶级量化策略刚刚遭受有史以来最大的月度损失</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195810880","media":"zerohedge","summary":"With all the drama and focus on  the inflation story, especially after last week'stransitory hawkish","content":"<p>With all the drama and focus on&nbsp; the inflation story, especially after last week's<i>transitory h</i>awkish pivot by the Fed, SocGen's Andrew Lapthorne points out that there have been some even more dramatic moves in factor performance in recent weeks.</p><p><blockquote>所有的戏剧性事件和对通货膨胀故事的关注，特别是在上周之后<i>瞬态h</i>法国兴业银行(SocGen)的安德鲁·拉普索恩(Andrew Lapthorne)指出，最近几周，要素表现出现了一些更加戏剧性的变化。</blockquote></p><p> Take long/short<i><b>Value-Momentum</b></i>, arguably one of, if not the, most popular quant strategies, which had been in the ascendancy this year as both Value and Price Momentum factors converged around the cyclical recovery/inflation theme. But in recent weeks, and especially after last week's FOMC, the strategy suffered a historic reversal, posting its worst monthly decline since 2002 according to Lapthorne's calculations,<b>with the 4.3% loss on Thursday ranking as the 14th worst day for our Value-Momentum factor since 1990.</b></p><p><blockquote>做多/做空<i><b>价值动量</b></i>，可以说是最受欢迎的量化策略之一，如果不是最受欢迎的量化策略之一，随着价值和价格动量因素都围绕周期性复苏/通胀主题汇聚，该策略今年一直占据主导地位。但最近几周，尤其是在上周FOMC会议之后，该策略遭遇了历史性逆转，根据Lapthorne的计算，创下了自2002年以来最严重的月度跌幅，<b>周四下跌4.3%，成为自1990年以来价值动量因素第14糟糕的一天。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/caa6e5dd3b825a85e3d17a0a44121cc7\" tg-width=\"500\" tg-height=\"375\">And, as the next chart show, on a monthly basis, the monthly drawdown in long/short Value-Momentum has been the biggest on record.</p><p><blockquote>而且，正如下图所示，按月计算，多头/空头价值动量的月度下降是有记录以来最大的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/882eeb65a4cbed4956fa890405ad1d7d\" tg-width=\"500\" tg-height=\"370\"></p><p><blockquote></blockquote></p><p> Other quant factors have done better: earnings momentum (bottom-up upgrades and downgrades) remains strong, with 62% of all global estimate changes for 2021 coming through as upgrades and with a high percentage of those upgrades coming through in the reflation sectors (Industrials, Basic Materials, Financial and Energy).</p><p><blockquote>其他量化因素表现更好：盈利势头（自下而上的升级和降级）依然强劲，2021年全球预估变化中有62%是升级，其中很大一部分升级发生在通货再膨胀行业（工业、基础材料、金融和能源）。</blockquote></p><p> So, while markets have cooled on the reflation theme in recent weeks, the profit momentum story is still aligned, and while the copper price has retracted back to mid-April levels, the oil price is now above pre-pandemic levels. At the same time, Lapthorne concludes, the rate of increase is slowing (it had to at some stage), base effects from last year’s slump will be behind us, and we are entering a period when company reporting is typically quieter. So macro noise looks set to dominate for some time.</p><p><blockquote>因此，尽管最近几周市场对通货再膨胀主题有所降温，但利润势头的故事仍然一致，尽管铜价已回落至4月中旬的水平，但油价目前高于大流行前的水平。与此同时，拉普索恩总结道，增长率正在放缓（在某个阶段不得不放缓），去年经济衰退的基数效应将成为过去，我们正在进入公司报告通常更加安静的时期。因此，宏观噪音看起来将在一段时间内占据主导地位。</blockquote></p><p></p>","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>Top Quant Strategy Just Suffered Its Biggest Ever Monthly Loss<blockquote>顶级量化策略刚刚遭受有史以来最大的月度损失</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\">\nTop Quant Strategy Just Suffered Its Biggest Ever Monthly Loss<blockquote>顶级量化策略刚刚遭受有史以来最大的月度损失</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-23 15:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With all the drama and focus on&nbsp; the inflation story, especially after last week's<i>transitory h</i>awkish pivot by the Fed, SocGen's Andrew Lapthorne points out that there have been some even more dramatic moves in factor performance in recent weeks.</p><p><blockquote>所有的戏剧性事件和对通货膨胀故事的关注，特别是在上周之后<i>瞬态h</i>法国兴业银行(SocGen)的安德鲁·拉普索恩(Andrew Lapthorne)指出，最近几周，要素表现出现了一些更加戏剧性的变化。</blockquote></p><p> Take long/short<i><b>Value-Momentum</b></i>, arguably one of, if not the, most popular quant strategies, which had been in the ascendancy this year as both Value and Price Momentum factors converged around the cyclical recovery/inflation theme. But in recent weeks, and especially after last week's FOMC, the strategy suffered a historic reversal, posting its worst monthly decline since 2002 according to Lapthorne's calculations,<b>with the 4.3% loss on Thursday ranking as the 14th worst day for our Value-Momentum factor since 1990.</b></p><p><blockquote>做多/做空<i><b>价值动量</b></i>，可以说是最受欢迎的量化策略之一，如果不是最受欢迎的量化策略之一，随着价值和价格动量因素都围绕周期性复苏/通胀主题汇聚，该策略今年一直占据主导地位。但最近几周，尤其是在上周FOMC会议之后，该策略遭遇了历史性逆转，根据Lapthorne的计算，创下了自2002年以来最严重的月度跌幅，<b>周四下跌4.3%，成为自1990年以来价值动量因素第14糟糕的一天。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/caa6e5dd3b825a85e3d17a0a44121cc7\" tg-width=\"500\" tg-height=\"375\">And, as the next chart show, on a monthly basis, the monthly drawdown in long/short Value-Momentum has been the biggest on record.</p><p><blockquote>而且，正如下图所示，按月计算，多头/空头价值动量的月度下降是有记录以来最大的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/882eeb65a4cbed4956fa890405ad1d7d\" tg-width=\"500\" tg-height=\"370\"></p><p><blockquote></blockquote></p><p> Other quant factors have done better: earnings momentum (bottom-up upgrades and downgrades) remains strong, with 62% of all global estimate changes for 2021 coming through as upgrades and with a high percentage of those upgrades coming through in the reflation sectors (Industrials, Basic Materials, Financial and Energy).</p><p><blockquote>其他量化因素表现更好：盈利势头（自下而上的升级和降级）依然强劲，2021年全球预估变化中有62%是升级，其中很大一部分升级发生在通货再膨胀行业（工业、基础材料、金融和能源）。</blockquote></p><p> So, while markets have cooled on the reflation theme in recent weeks, the profit momentum story is still aligned, and while the copper price has retracted back to mid-April levels, the oil price is now above pre-pandemic levels. At the same time, Lapthorne concludes, the rate of increase is slowing (it had to at some stage), base effects from last year’s slump will be behind us, and we are entering a period when company reporting is typically quieter. So macro noise looks set to dominate for some time.</p><p><blockquote>因此，尽管最近几周市场对通货再膨胀主题有所降温，但利润势头的故事仍然一致，尽管铜价已回落至4月中旬的水平，但油价目前高于大流行前的水平。与此同时，拉普索恩总结道，增长率正在放缓（在某个阶段不得不放缓），去年经济衰退的基数效应将成为过去，我们正在进入公司报告通常更加安静的时期。因此，宏观噪音看起来将在一段时间内占据主导地位。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/top-quant-strategy-just-suffered-its-biggest-ever-monthly-loss\">zerohedge</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","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/top-quant-strategy-just-suffered-its-biggest-ever-monthly-loss","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195810880","content_text":"With all the drama and focus on  the inflation story, especially after last week'stransitory hawkish pivot by the Fed, SocGen's Andrew Lapthorne points out that there have been some even more dramatic moves in factor performance in recent weeks.\nTake long/shortValue-Momentum, arguably one of, if not the, most popular quant strategies, which had been in the ascendancy this year as both Value and Price Momentum factors converged around the cyclical recovery/inflation theme. But in recent weeks, and especially after last week's FOMC, the strategy suffered a historic reversal, posting its worst monthly decline since 2002 according to Lapthorne's calculations,with the 4.3% loss on Thursday ranking as the 14th worst day for our Value-Momentum factor since 1990.\nAnd, as the next chart show, on a monthly basis, the monthly drawdown in long/short Value-Momentum has been the biggest on record.\n\nOther quant factors have done better: earnings momentum (bottom-up upgrades and downgrades) remains strong, with 62% of all global estimate changes for 2021 coming through as upgrades and with a high percentage of those upgrades coming through in the reflation sectors (Industrials, Basic Materials, Financial and Energy).\nSo, while markets have cooled on the reflation theme in recent weeks, the profit momentum story is still aligned, and while the copper price has retracted back to mid-April levels, the oil price is now above pre-pandemic levels. At the same time, Lapthorne concludes, the rate of increase is slowing (it had to at some stage), base effects from last year’s slump will be behind us, and we are entering a period when company reporting is typically quieter. 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Should they?<blockquote>投资者和美联储并没有对通胀感到恐慌。他们应该吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145996523","media":"cnn","summary":"New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it co","content":"<p>New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.</p><p><blockquote>纽约（CNN Business）在通货膨胀方面，大街和华尔街之间存在巨大的脱节。总得有所让步。</blockquote></p><p> The US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher commodities costs.</p><p><blockquote>美国政府上周报告称，5月份不包括食品和能源的消费者价格涨幅为1992年以来最快。宣伟(SHW)正在提高油漆价格，这是众多应对大宗商品成本上涨的公司之一。</blockquote></p><p> Food prices are also surging. Chipotle (CMG) just raised prices. So did Campbell Soup (CPB).</p><p><blockquote>食品价格也在飙升。Chipotle(CMG)刚刚提高了价格。金宝汤（CPB）也是如此。</blockquote></p><p> And the chief financial officer of restaurant and arcade chain Dave &amp; Buster's (PLAY) said during a recent earnings call with analysts that he expects a 6% to 8% increase in food costs for 2021 due to higher chicken, beef and dairy prices.</p><p><blockquote>餐厅和街机连锁店Dave&amp;Buster's(PLAY)的首席财务官在最近与分析师举行的财报看涨期权上表示，由于鸡肉、牛肉和乳制品价格上涨，他预计2021年食品成本将上涨6%至8%。</blockquote></p><p> Wages are rising too, especially for workers in the retail, leisure and hospitality sectors that are returning to jobs as the economy reopens. That adds to inflationary pressures, because some companies will choose to hike prices in order to maintain profits.</p><p><blockquote>工资也在上涨，尤其是随着经济重新开放而重返工作岗位的零售、休闲和酒店行业的工人。这增加了通胀压力，因为一些公司会选择提高价格以维持利润。</blockquote></p><p> Labor shortages aren't helping.</p><p><blockquote>劳动力短缺无济于事。</blockquote></p><p> The CEO of online pet retailer Chewy (CHWY) wrote in a letter to shareholders after its latest earnings report that it \"faced labor shortages in our fulfillment centers similar to those being faced by many companies nationwide.\" As a result, Chewy continues \"to invest in higher wages and benefits\" in order to fill job vacancies.</p><p><blockquote>在线宠物零售商Chewy(CHWY)的首席执行官在最新财报发布后致股东的一封信中写道，该公司“面临着与全国许多公司类似的劳动力短缺问题”。因此，Chewy继续“投资于更高的工资和福利”，以填补职位空缺。</blockquote></p><p> Yet investors — and the Federal Reserve — are shrugging off rising inflation as \"transitory.\" Long-term bond yields are falling, which isn't what normally happens when inflation runs hot. If bond investors believed that price hikes are here to stay, they'd be demanding higher yields.</p><p><blockquote>然而，投资者和美联储对通胀上升不屑一顾，认为这是“暂时的”。长期债券收益率正在下降，这通常不会在通胀加剧时发生。如果债券投资者认为价格上涨将持续下去，他们就会要求更高的收益率。</blockquote></p><p> And the market is pricing in just a 3% chance of a rate hike from the Fed by the end of the year. That's down from a 10% likelihood of higher rates just a month ago. Investors know a rate hike is the central bank's best tool to fight rising inflation, and they'll want to hear more on the subject when Fed chair Jerome Powell speaks at a press conference on Wednesday.</p><p><blockquote>市场预计美联储年底加息的可能性仅为3%。这低于一个月前10%的加息可能性。投资者知道加息是央行对抗通胀上升的最佳工具，当美联储主席杰罗姆·鲍威尔在周三的新闻发布会上发表讲话时，他们希望听到更多有关该主题的信息。</blockquote></p><p> \"The bond market is still not concerned about inflation. It's buying what the Fed is selling,\" said Randy Warren, CEO of Warren Financial.</p><p><blockquote>沃伦金融公司首席执行官兰迪·沃伦表示：“债券市场仍然不担心通胀。它正在购买美联储正在出售的东西。”</blockquote></p><p> The problem is that there is a chance the Fed could wait too long to react to inflation.</p><p><blockquote>问题是，美联储可能会等待太久才对通胀做出反应。</blockquote></p><p> \"Is inflation transitory or something more structural?\" asked Steven Oh, global head of credit and fixed income with PineBridge Investments. \"Will the Fed lose control of it down the road and make a policy error and not have the ability to rein it in?\"</p><p><blockquote>“通货膨胀是暂时的还是更具结构性的？”PineBridge Investments信贷和固定收益全球主管Steven Oh问道。“美联储将来会失去对它的控制，犯政策错误，没有能力控制它吗？”</blockquote></p><p> If the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. That would mean unwinding its big asset purchases and raising rates sooner rather than later.</p><p><blockquote>如果美联储和债券市场对通胀的看法是错误的，那么央行可能不得不以比其和投资者希望的更快的速度结束疫情刺激措施。这将意味着取消大规模资产购买并尽早加息。</blockquote></p><p> Oh doesn't think that will be the case. And many others agree. They argue that investors must keep in mind how rapidly the economy has roared back.</p><p><blockquote>哦，我不认为会是这样。许多其他人也同意。他们认为，投资者必须牢记经济复苏的速度有多快。</blockquote></p><p> For that reason, it should not be that big of a surprise that there are dislocations in the job market and supply chain. It will take time for conditions to revert to what they were like in late 2019 and early 2020 before Covid-19.</p><p><blockquote>因此，就业市场和供应链出现混乱也就不足为奇了。恢复到2019年底和2020年初新冠肺炎之前的水平需要时间。</blockquote></p><p> \"There are a lot of questions about inflation because you see it in everyday life,\" said Bryan Koslow, principal of Clarus Group, a wealth management firm. \"But we may have seen the peak, especially in terms of wage growth.\"</p><p><blockquote>财富管理公司Clarus Group的负责人布莱恩·科斯洛(Bryan Koslow)表示：“关于通货膨胀有很多问题，因为你在日常生活中都会看到它。”“但我们可能已经看到了峰值，尤其是在工资增长方面。”</blockquote></p><p> Even if that does turn out to be true, the mere fact that investors and consumers are so focused on prices is noteworthy. Inflation has essentially been a non-issue for more than a decade.</p><p><blockquote>即使事实证明这是真的，投资者和消费者如此关注价格这一事实也值得注意。十多年来，通货膨胀基本上不是问题。</blockquote></p><p> \"The Fed has to take the inflation concerns seriously,\" said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. He added that he thinks there is a 20% chance that inflation pressures turn out to be more persistent as opposed to transitory.</p><p><blockquote>SkyBridge Capital联席首席投资官兼高级投资组合经理Troy Gayeski表示：“美联储必须认真对待通胀担忧。”他补充说，他认为通胀压力有20%的可能性变得更加持久，而不是暂时的。</blockquote></p><p> \"The risk of meaningful inflation has been non-existent since 2008. Until now,\" Gayeski said.</p><p><blockquote>“自2008年以来，有意义的通胀风险一直不存在。直到现在，”Gayeski说。</blockquote></p><p> <b>What's getting more expensive</b></p><p><blockquote><b>什么越来越贵</b></blockquote></p><p> Food and paint aren't the only things getting more expensive. As CNN Business' Moira Ritter points out, the prices of just about everything have gone up lately.</p><p><blockquote>食物和油漆并不是唯一变得更贵的东西。正如CNN商业频道的莫伊拉·里特(Moira Ritter)指出的那样，最近几乎所有东西的价格都在上涨。</blockquote></p><p> Lumber prices have soared. And the housing market continues to boom. That's led to a big spike in the prices of couches and other household furnishings.</p><p><blockquote>木材价格飙升。房地产市场继续繁荣。这导致沙发和其他家居用品的价格大幅上涨。</blockquote></p><p> Used cars are a lot more expensive too. Chalk that up to people returning to work and a dearth of new cars on dealership lots due to the chip supply shortage that has hurt production of new vehicles.</p><p><blockquote>二手车也贵得多。这归因于人们重返工作岗位，以及由于芯片供应短缺损害了新车的生产，经销商处新车短缺。</blockquote></p><p> People are traveling more as well. Airfares have shot up in anticipation of what some are dubbing the red hot vaccine summer.</p><p><blockquote>人们也越来越多地旅行。由于预期一些人所说的“炙手可热的疫苗之夏”，机票价格飙升。</blockquote></p><p> <b>Up next</b></p><p><blockquote><b>下一个</b></blockquote></p><p> <b>Tuesday: </b>US retail sales; US producer price index; Earnings from Oracle (ORCL) and H &amp; R Block (HRB)</p><p><blockquote><b>星期二：</b>美国零售额；美国生产者价格指数；Oracle(ORCL)和H&amp;R Block(HRB)的收益</blockquote></p><p> <b>Wednesday: </b>Federal Reserve rate decision; US housing starts and building permits; EIA crude oil inventories; Earnings from Lennar (LEN)</p><p><blockquote><b>星期三：</b>美联储利率决定；美国新屋开工和建筑许可；EIA原油库存；Lennar(LEN)的收益</blockquote></p><p></p><p> <b>Thursday: </b>US jobless claims; Earnings from Kroger (KR) and Adobe (ADBE)</p><p><blockquote><b>星期四：</b>美国初请失业金人数；克罗格(KR)和Adobe(ADBE)的收益</blockquote></p><p></p>","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>Investors and the Fed aren't freaking out about inflation. Should they?<blockquote>投资者和美联储并没有对通胀感到恐慌。他们应该吗？</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\">\nInvestors and the Fed aren't freaking out about inflation. Should they?<blockquote>投资者和美联储并没有对通胀感到恐慌。他们应该吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-15 17:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.</p><p><blockquote>纽约（CNN Business）在通货膨胀方面，大街和华尔街之间存在巨大的脱节。总得有所让步。</blockquote></p><p> The US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher commodities costs.</p><p><blockquote>美国政府上周报告称，5月份不包括食品和能源的消费者价格涨幅为1992年以来最快。宣伟(SHW)正在提高油漆价格，这是众多应对大宗商品成本上涨的公司之一。</blockquote></p><p> Food prices are also surging. Chipotle (CMG) just raised prices. So did Campbell Soup (CPB).</p><p><blockquote>食品价格也在飙升。Chipotle(CMG)刚刚提高了价格。金宝汤（CPB）也是如此。</blockquote></p><p> And the chief financial officer of restaurant and arcade chain Dave &amp; Buster's (PLAY) said during a recent earnings call with analysts that he expects a 6% to 8% increase in food costs for 2021 due to higher chicken, beef and dairy prices.</p><p><blockquote>餐厅和街机连锁店Dave&amp;Buster's(PLAY)的首席财务官在最近与分析师举行的财报看涨期权上表示，由于鸡肉、牛肉和乳制品价格上涨，他预计2021年食品成本将上涨6%至8%。</blockquote></p><p> Wages are rising too, especially for workers in the retail, leisure and hospitality sectors that are returning to jobs as the economy reopens. That adds to inflationary pressures, because some companies will choose to hike prices in order to maintain profits.</p><p><blockquote>工资也在上涨，尤其是随着经济重新开放而重返工作岗位的零售、休闲和酒店行业的工人。这增加了通胀压力，因为一些公司会选择提高价格以维持利润。</blockquote></p><p> Labor shortages aren't helping.</p><p><blockquote>劳动力短缺无济于事。</blockquote></p><p> The CEO of online pet retailer Chewy (CHWY) wrote in a letter to shareholders after its latest earnings report that it \"faced labor shortages in our fulfillment centers similar to those being faced by many companies nationwide.\" As a result, Chewy continues \"to invest in higher wages and benefits\" in order to fill job vacancies.</p><p><blockquote>在线宠物零售商Chewy(CHWY)的首席执行官在最新财报发布后致股东的一封信中写道，该公司“面临着与全国许多公司类似的劳动力短缺问题”。因此，Chewy继续“投资于更高的工资和福利”，以填补职位空缺。</blockquote></p><p> Yet investors — and the Federal Reserve — are shrugging off rising inflation as \"transitory.\" Long-term bond yields are falling, which isn't what normally happens when inflation runs hot. If bond investors believed that price hikes are here to stay, they'd be demanding higher yields.</p><p><blockquote>然而，投资者和美联储对通胀上升不屑一顾，认为这是“暂时的”。长期债券收益率正在下降，这通常不会在通胀加剧时发生。如果债券投资者认为价格上涨将持续下去，他们就会要求更高的收益率。</blockquote></p><p> And the market is pricing in just a 3% chance of a rate hike from the Fed by the end of the year. That's down from a 10% likelihood of higher rates just a month ago. Investors know a rate hike is the central bank's best tool to fight rising inflation, and they'll want to hear more on the subject when Fed chair Jerome Powell speaks at a press conference on Wednesday.</p><p><blockquote>市场预计美联储年底加息的可能性仅为3%。这低于一个月前10%的加息可能性。投资者知道加息是央行对抗通胀上升的最佳工具，当美联储主席杰罗姆·鲍威尔在周三的新闻发布会上发表讲话时，他们希望听到更多有关该主题的信息。</blockquote></p><p> \"The bond market is still not concerned about inflation. It's buying what the Fed is selling,\" said Randy Warren, CEO of Warren Financial.</p><p><blockquote>沃伦金融公司首席执行官兰迪·沃伦表示：“债券市场仍然不担心通胀。它正在购买美联储正在出售的东西。”</blockquote></p><p> The problem is that there is a chance the Fed could wait too long to react to inflation.</p><p><blockquote>问题是，美联储可能会等待太久才对通胀做出反应。</blockquote></p><p> \"Is inflation transitory or something more structural?\" asked Steven Oh, global head of credit and fixed income with PineBridge Investments. \"Will the Fed lose control of it down the road and make a policy error and not have the ability to rein it in?\"</p><p><blockquote>“通货膨胀是暂时的还是更具结构性的？”PineBridge Investments信贷和固定收益全球主管Steven Oh问道。“美联储将来会失去对它的控制，犯政策错误，没有能力控制它吗？”</blockquote></p><p> If the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. That would mean unwinding its big asset purchases and raising rates sooner rather than later.</p><p><blockquote>如果美联储和债券市场对通胀的看法是错误的，那么央行可能不得不以比其和投资者希望的更快的速度结束疫情刺激措施。这将意味着取消大规模资产购买并尽早加息。</blockquote></p><p> Oh doesn't think that will be the case. And many others agree. They argue that investors must keep in mind how rapidly the economy has roared back.</p><p><blockquote>哦，我不认为会是这样。许多其他人也同意。他们认为，投资者必须牢记经济复苏的速度有多快。</blockquote></p><p> For that reason, it should not be that big of a surprise that there are dislocations in the job market and supply chain. It will take time for conditions to revert to what they were like in late 2019 and early 2020 before Covid-19.</p><p><blockquote>因此，就业市场和供应链出现混乱也就不足为奇了。恢复到2019年底和2020年初新冠肺炎之前的水平需要时间。</blockquote></p><p> \"There are a lot of questions about inflation because you see it in everyday life,\" said Bryan Koslow, principal of Clarus Group, a wealth management firm. \"But we may have seen the peak, especially in terms of wage growth.\"</p><p><blockquote>财富管理公司Clarus Group的负责人布莱恩·科斯洛(Bryan Koslow)表示：“关于通货膨胀有很多问题，因为你在日常生活中都会看到它。”“但我们可能已经看到了峰值，尤其是在工资增长方面。”</blockquote></p><p> Even if that does turn out to be true, the mere fact that investors and consumers are so focused on prices is noteworthy. Inflation has essentially been a non-issue for more than a decade.</p><p><blockquote>即使事实证明这是真的，投资者和消费者如此关注价格这一事实也值得注意。十多年来，通货膨胀基本上不是问题。</blockquote></p><p> \"The Fed has to take the inflation concerns seriously,\" said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. He added that he thinks there is a 20% chance that inflation pressures turn out to be more persistent as opposed to transitory.</p><p><blockquote>SkyBridge Capital联席首席投资官兼高级投资组合经理Troy Gayeski表示：“美联储必须认真对待通胀担忧。”他补充说，他认为通胀压力有20%的可能性变得更加持久，而不是暂时的。</blockquote></p><p> \"The risk of meaningful inflation has been non-existent since 2008. Until now,\" Gayeski said.</p><p><blockquote>“自2008年以来，有意义的通胀风险一直不存在。直到现在，”Gayeski说。</blockquote></p><p> <b>What's getting more expensive</b></p><p><blockquote><b>什么越来越贵</b></blockquote></p><p> Food and paint aren't the only things getting more expensive. As CNN Business' Moira Ritter points out, the prices of just about everything have gone up lately.</p><p><blockquote>食物和油漆并不是唯一变得更贵的东西。正如CNN商业频道的莫伊拉·里特(Moira Ritter)指出的那样，最近几乎所有东西的价格都在上涨。</blockquote></p><p> Lumber prices have soared. And the housing market continues to boom. That's led to a big spike in the prices of couches and other household furnishings.</p><p><blockquote>木材价格飙升。房地产市场继续繁荣。这导致沙发和其他家居用品的价格大幅上涨。</blockquote></p><p> Used cars are a lot more expensive too. Chalk that up to people returning to work and a dearth of new cars on dealership lots due to the chip supply shortage that has hurt production of new vehicles.</p><p><blockquote>二手车也贵得多。这归因于人们重返工作岗位，以及由于芯片供应短缺损害了新车的生产，经销商处新车短缺。</blockquote></p><p> People are traveling more as well. Airfares have shot up in anticipation of what some are dubbing the red hot vaccine summer.</p><p><blockquote>人们也越来越多地旅行。由于预期一些人所说的“炙手可热的疫苗之夏”，机票价格飙升。</blockquote></p><p> <b>Up next</b></p><p><blockquote><b>下一个</b></blockquote></p><p> <b>Tuesday: </b>US retail sales; US producer price index; Earnings from Oracle (ORCL) and H &amp; R Block (HRB)</p><p><blockquote><b>星期二：</b>美国零售额；美国生产者价格指数；Oracle(ORCL)和H&amp;R Block(HRB)的收益</blockquote></p><p> <b>Wednesday: </b>Federal Reserve rate decision; US housing starts and building permits; EIA crude oil inventories; Earnings from Lennar (LEN)</p><p><blockquote><b>星期三：</b>美联储利率决定；美国新屋开工和建筑许可；EIA原油库存；Lennar(LEN)的收益</blockquote></p><p></p><p> <b>Thursday: </b>US jobless claims; Earnings from Kroger (KR) and Adobe (ADBE)</p><p><blockquote><b>星期四：</b>美国初请失业金人数；克罗格(KR)和Adobe(ADBE)的收益</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/13/investing/stocks-week-ahead/index.html\">cnn</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":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://edition.cnn.com/2021/06/13/investing/stocks-week-ahead/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145996523","content_text":"New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.\nThe US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher commodities costs.\nFood prices are also surging. Chipotle (CMG) just raised prices. So did Campbell Soup (CPB).\nAnd the chief financial officer of restaurant and arcade chain Dave & Buster's (PLAY) said during a recent earnings call with analysts that he expects a 6% to 8% increase in food costs for 2021 due to higher chicken, beef and dairy prices.\nWages are rising too, especially for workers in the retail, leisure and hospitality sectors that are returning to jobs as the economy reopens. That adds to inflationary pressures, because some companies will choose to hike prices in order to maintain profits.\nLabor shortages aren't helping.\nThe CEO of online pet retailer Chewy (CHWY) wrote in a letter to shareholders after its latest earnings report that it \"faced labor shortages in our fulfillment centers similar to those being faced by many companies nationwide.\" As a result, Chewy continues \"to invest in higher wages and benefits\" in order to fill job vacancies.\nYet investors — and the Federal Reserve — are shrugging off rising inflation as \"transitory.\" Long-term bond yields are falling, which isn't what normally happens when inflation runs hot. If bond investors believed that price hikes are here to stay, they'd be demanding higher yields.\nAnd the market is pricing in just a 3% chance of a rate hike from the Fed by the end of the year. That's down from a 10% likelihood of higher rates just a month ago. Investors know a rate hike is the central bank's best tool to fight rising inflation, and they'll want to hear more on the subject when Fed chair Jerome Powell speaks at a press conference on Wednesday.\n\"The bond market is still not concerned about inflation. It's buying what the Fed is selling,\" said Randy Warren, CEO of Warren Financial.\nThe problem is that there is a chance the Fed could wait too long to react to inflation.\n\"Is inflation transitory or something more structural?\" asked Steven Oh, global head of credit and fixed income with PineBridge Investments. \"Will the Fed lose control of it down the road and make a policy error and not have the ability to rein it in?\"\nIf the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. That would mean unwinding its big asset purchases and raising rates sooner rather than later.\nOh doesn't think that will be the case. And many others agree. They argue that investors must keep in mind how rapidly the economy has roared back.\nFor that reason, it should not be that big of a surprise that there are dislocations in the job market and supply chain. It will take time for conditions to revert to what they were like in late 2019 and early 2020 before Covid-19.\n\"There are a lot of questions about inflation because you see it in everyday life,\" said Bryan Koslow, principal of Clarus Group, a wealth management firm. \"But we may have seen the peak, especially in terms of wage growth.\"\nEven if that does turn out to be true, the mere fact that investors and consumers are so focused on prices is noteworthy. Inflation has essentially been a non-issue for more than a decade.\n\"The Fed has to take the inflation concerns seriously,\" said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. He added that he thinks there is a 20% chance that inflation pressures turn out to be more persistent as opposed to transitory.\n\"The risk of meaningful inflation has been non-existent since 2008. Until now,\" Gayeski said.\nWhat's getting more expensive\nFood and paint aren't the only things getting more expensive. As CNN Business' Moira Ritter points out, the prices of just about everything have gone up lately.\nLumber prices have soared. And the housing market continues to boom. That's led to a big spike in the prices of couches and other household furnishings.\nUsed cars are a lot more expensive too. Chalk that up to people returning to work and a dearth of new cars on dealership lots due to the chip supply shortage that has hurt production of new vehicles.\nPeople are traveling more as well. Airfares have shot up in anticipation of what some are dubbing the red hot vaccine summer.\nUp next\nTuesday: US retail sales; US producer price index; Earnings from Oracle (ORCL) and H & R Block (HRB)\nWednesday: Federal Reserve rate decision; US housing starts and building permits; EIA crude oil inventories; Earnings from Lennar (LEN)\nThursday: US jobless claims; Earnings from Kroger (KR) and Adobe (ADBE)","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}