英語(yǔ)資源頻道為大家整理的china daily雙語(yǔ)新聞：華爾街信心回升 ，供大家學(xué)習(xí)參考:)
Wall Street’s “fear index” has fallen to a 5?-year low as investors turn increasingly positive on the outlook for global stock markets.
隨著投資者對(duì)全球股市走勢(shì)越來(lái)越樂(lè)觀，華爾街“恐懼指數(shù)”跌至五年半以來(lái)的最低點(diǎn)。
The Vix index tracks investor expectations of market volatility revealed in the pricing of options that protect against violent moves on the S and P 500. As money managers typically seek protection against sharp share declines, the Vix is considered a gauge of how fearful investors are.
Vix指數(shù)追蹤投資者對(duì)市場(chǎng)波動(dòng)的預(yù)期，體現(xiàn)于防范標(biāo)準(zhǔn)普爾500指數(shù)(S and P 500)劇烈波動(dòng)的期權(quán)計(jì)價(jià)。由于資金經(jīng)理通常會(huì)針對(duì)股價(jià)暴跌尋求保護(hù)，因此Vix被視為衡量投資者擔(dān)憂程度的衡量標(biāo)準(zhǔn)。
Despite the limp economic recovery and political gridlock in the US, and the simmering European debt crisis, the Vix has been ground lower over the past year, and touched 13.2 points yesterday, the lowest since June 2007.
盡管美國(guó)經(jīng)濟(jì)復(fù)蘇步履蹣跚，政治陷入僵局，同時(shí)歐債危機(jī)不斷發(fā)酵，然而過(guò)去一年Vix下降了，昨日降至13.2點(diǎn)，這是2007年6月以來(lái)的最低點(diǎn)。
Fund managers and strategists said the low Vix reflects the fact that central banks are seen as backstopping financial markets, lessening demand for downside protection. Signs of a tentative rotation by investors out of bonds and back into equities has further bolstered optimism. “It is a reflection of this global recovery broadening out, starting to stabilise,” said Jim Paulsen, chief investment strategist at Wells Capital Management. “Market players are starting to become desensitised to Armageddon, end-of-the-world stories.”
基金經(jīng)理和策略師表示，Vix水平低反映出，人們認(rèn)為各國(guó)中央銀行在支持金融市場(chǎng)，從而減少了對(duì)下行風(fēng)險(xiǎn)防護(hù)的需求。投資者嘗試離開(kāi)債市、重返股市的跡象進(jìn)一步提振了樂(lè)觀態(tài)度。Wells Capital Management的首席投資官吉姆·保爾森(Jim Paulsen)表示：“這反映出全球復(fù)蘇范圍正在擴(kuò)大，開(kāi)始企穩(wěn)。市場(chǎng)參與者正在開(kāi)始擺脫世界末日的觀點(diǎn)。”
The Vix is not the only measure of implied volatility that currently indicates a pacific outlook. Europe’s Vstoxx stock market turbulence gauge and the CVix index, which reflects the expected choppiness of global currencies, are both near the lowest since mid-2007.
Vix不是顯示出前景光明的波動(dòng)水平衡量指數(shù)。歐洲的Vstoxx股市動(dòng)蕩標(biāo)準(zhǔn)以及反映全球匯率預(yù)期波動(dòng)的CVix都接近2007年中期以來(lái)的最低點(diǎn)。
The low demand for protection reflects the fact that global stock markets have been in robust shape recently. The MSCI World index gained more than 13 per cent last year, its best performance since the recovery from the global financial crisis in 2009.
防護(hù)需求低反映出，全球股市最近形勢(shì)喜人。去年摩根士丹利資本國(guó)際全球指數(shù)(MSCI World index)上漲了13%，這是自2009年全球金融危機(jī)之后開(kāi)始復(fù)蘇以來(lái)的表現(xiàn)。
“Lower tail risks have helped propel markets higher over the past half year,” said William Davies, head of global equities at Threadneedle, a UK asset manager. “The eurozone doesn’t look like it will implode, China’s economic growth seems to have bottomed out and the fiscal cliff was avoided, for the time being.”
英國(guó)基金管理公司Threadneedle的全球股票主管威廉·戴維斯(William Davies)表示：“過(guò)去半年來(lái)，較低的尾部風(fēng)險(xiǎn)推高了市場(chǎng)表現(xiàn)。歐元區(qū)看上去不會(huì)內(nèi)爆，中國(guó)經(jīng)濟(jì)增長(zhǎng)似乎已經(jīng)觸底反彈，美國(guó)也避開(kāi)了財(cái)政懸崖——至少目前如此?！?BR> Nonetheless, many strategists warn that the Vix is unreasonably subdued, given the still-cloudy outlook for the US debt ceiling negotiations and the prospect of continued stresses in Europe. “We are going through period where the market knows there are some large macro obstacles on the horizon,” said JJ Kinahan, chief derivatives strategist at TD Ameritrade. “So the index might remain low for the next couple of weeks, but that might change as the next debt ceiling debate begins.”
然而，很多策略師警告，考慮到美國(guó)債務(wù)上限談判依然陰云密布，歐洲依然面臨壓力重重的前景，Vix低得不合情理。零售經(jīng)紀(jì)商TD Ameritrade的首席衍生品策略師JJ Kinahan表示：“我們正在經(jīng)歷這樣的時(shí)期：市場(chǎng)知道前方存在著一些巨大的宏觀障礙。因此未來(lái)兩周指數(shù)可能依然較低，但隨著下一輪債務(wù)上限辯論開(kāi)場(chǎng)，這種情況可能會(huì)改變?！?
Wall Street’s “fear index” has fallen to a 5?-year low as investors turn increasingly positive on the outlook for global stock markets.
隨著投資者對(duì)全球股市走勢(shì)越來(lái)越樂(lè)觀，華爾街“恐懼指數(shù)”跌至五年半以來(lái)的最低點(diǎn)。
The Vix index tracks investor expectations of market volatility revealed in the pricing of options that protect against violent moves on the S and P 500. As money managers typically seek protection against sharp share declines, the Vix is considered a gauge of how fearful investors are.
Vix指數(shù)追蹤投資者對(duì)市場(chǎng)波動(dòng)的預(yù)期，體現(xiàn)于防范標(biāo)準(zhǔn)普爾500指數(shù)(S and P 500)劇烈波動(dòng)的期權(quán)計(jì)價(jià)。由于資金經(jīng)理通常會(huì)針對(duì)股價(jià)暴跌尋求保護(hù)，因此Vix被視為衡量投資者擔(dān)憂程度的衡量標(biāo)準(zhǔn)。
Despite the limp economic recovery and political gridlock in the US, and the simmering European debt crisis, the Vix has been ground lower over the past year, and touched 13.2 points yesterday, the lowest since June 2007.
盡管美國(guó)經(jīng)濟(jì)復(fù)蘇步履蹣跚，政治陷入僵局，同時(shí)歐債危機(jī)不斷發(fā)酵，然而過(guò)去一年Vix下降了，昨日降至13.2點(diǎn)，這是2007年6月以來(lái)的最低點(diǎn)。
Fund managers and strategists said the low Vix reflects the fact that central banks are seen as backstopping financial markets, lessening demand for downside protection. Signs of a tentative rotation by investors out of bonds and back into equities has further bolstered optimism. “It is a reflection of this global recovery broadening out, starting to stabilise,” said Jim Paulsen, chief investment strategist at Wells Capital Management. “Market players are starting to become desensitised to Armageddon, end-of-the-world stories.”
基金經(jīng)理和策略師表示，Vix水平低反映出，人們認(rèn)為各國(guó)中央銀行在支持金融市場(chǎng)，從而減少了對(duì)下行風(fēng)險(xiǎn)防護(hù)的需求。投資者嘗試離開(kāi)債市、重返股市的跡象進(jìn)一步提振了樂(lè)觀態(tài)度。Wells Capital Management的首席投資官吉姆·保爾森(Jim Paulsen)表示：“這反映出全球復(fù)蘇范圍正在擴(kuò)大，開(kāi)始企穩(wěn)。市場(chǎng)參與者正在開(kāi)始擺脫世界末日的觀點(diǎn)。”
The Vix is not the only measure of implied volatility that currently indicates a pacific outlook. Europe’s Vstoxx stock market turbulence gauge and the CVix index, which reflects the expected choppiness of global currencies, are both near the lowest since mid-2007.
Vix不是顯示出前景光明的波動(dòng)水平衡量指數(shù)。歐洲的Vstoxx股市動(dòng)蕩標(biāo)準(zhǔn)以及反映全球匯率預(yù)期波動(dòng)的CVix都接近2007年中期以來(lái)的最低點(diǎn)。
The low demand for protection reflects the fact that global stock markets have been in robust shape recently. The MSCI World index gained more than 13 per cent last year, its best performance since the recovery from the global financial crisis in 2009.
防護(hù)需求低反映出，全球股市最近形勢(shì)喜人。去年摩根士丹利資本國(guó)際全球指數(shù)(MSCI World index)上漲了13%，這是自2009年全球金融危機(jī)之后開(kāi)始復(fù)蘇以來(lái)的表現(xiàn)。
“Lower tail risks have helped propel markets higher over the past half year,” said William Davies, head of global equities at Threadneedle, a UK asset manager. “The eurozone doesn’t look like it will implode, China’s economic growth seems to have bottomed out and the fiscal cliff was avoided, for the time being.”
英國(guó)基金管理公司Threadneedle的全球股票主管威廉·戴維斯(William Davies)表示：“過(guò)去半年來(lái)，較低的尾部風(fēng)險(xiǎn)推高了市場(chǎng)表現(xiàn)。歐元區(qū)看上去不會(huì)內(nèi)爆，中國(guó)經(jīng)濟(jì)增長(zhǎng)似乎已經(jīng)觸底反彈，美國(guó)也避開(kāi)了財(cái)政懸崖——至少目前如此?！?BR> Nonetheless, many strategists warn that the Vix is unreasonably subdued, given the still-cloudy outlook for the US debt ceiling negotiations and the prospect of continued stresses in Europe. “We are going through period where the market knows there are some large macro obstacles on the horizon,” said JJ Kinahan, chief derivatives strategist at TD Ameritrade. “So the index might remain low for the next couple of weeks, but that might change as the next debt ceiling debate begins.”
然而，很多策略師警告，考慮到美國(guó)債務(wù)上限談判依然陰云密布，歐洲依然面臨壓力重重的前景，Vix低得不合情理。零售經(jīng)紀(jì)商TD Ameritrade的首席衍生品策略師JJ Kinahan表示：“我們正在經(jīng)歷這樣的時(shí)期：市場(chǎng)知道前方存在著一些巨大的宏觀障礙。因此未來(lái)兩周指數(shù)可能依然較低，但隨著下一輪債務(wù)上限辯論開(kāi)場(chǎng)，這種情況可能會(huì)改變?！?