The bond market was other markets around the world can escape U.S. stock market center: exclusive national industry sector stocks, premarket after hours, ETF, real-time quotes Sina warrants stocks news Beijing time 10 days Bloomberg said, a phenomenon in the market this week is very eye-catching: bond prices diving, rate of the world’s big economies long jump the term sovereign debt yields. Some strategists point out that relatively high stock valuations are reasonable only when the bond yields are extremely low, so any significant fluctuation in sovereign debt prices is unlikely to be confined to the bond market. In recent days, Europe and Japan issued a dramatic changes in bond prices, reminiscent of the second quarter of 2015 when the "German debt storm", then DavidZervos chief market strategist Jefferies Llc said, the market suffered a spring dryness disease and spread to other global asset classes. The BoJ’s comprehensive assessment of the monetary policy stance before its September meeting has raised concerns among investors that the bank may reduce the acquisition of long-term sovereign debt. This concern has pushed bond yields up earlier this month and has been rekindled in recent trading days. The 30 year Japanese treasury bond yield is close to its highest level since March. On Thursday, European government bonds were also exposed to the fate of similar Japanese bonds, because the European Central Bank did not announce an increase in stimulus on Thursday or an extension of asset purchases. Germany’s 10 year treasury bond yields rose to zero on Friday, the first time since July 22nd. The reorientation of bond yields is not driven by changes in the Fed’s policy expectations. The implicit probability of the Fed’s interest rate hike in September is basically the same as it was a week ago. However, the U.S. market has not been able to escape the recovery of bond yields. Since the end of 2013, the significantly flat yield curve has been significantly steeper in recent trading days, and the 2 year 10 year treasury bond yields widened to the high end of the UK referendum. Under the wave of global bond sales, the UK’s 10 year Treasury yield recovered the decline in August 4th after the BOE cut interest rates and expanded asset purchases. The bond market was, other asset classes are affected. The rise in long-term bond yields may bring trouble to one of the hottest investment strategies in 2016. David Woo, director of global interest rate and currency research at Merrill Lynch, said that a risk parity portfolio (the most basic case is a multi position treasury with leverage and a multi position stock) usually starts to underperform when sovereign debt prices fall. Editor in chief: Wang Yongsheng SF153

债券市场血流成河 全球其他市场岂能幸免 美股行情中心:独家提供全美股行业板块、盘前盘后、ETF、权证实时行情   新浪美股讯 北京时间10日彭博称,本周市场中的一个现象非常醒目:债券价格高台跳水,全球大型经济体长期限主权债的收益率跃升。   一些策略师指出,相对较高的股票估值只有在债券收益率超低的环境下才合理,所以主权债价格的任何大幅波动都不太可能仅限于债券这一个市场。   最近几个交易日,欧洲和日本债券价格发出剧烈变化,让人回想起2015年第二季度时的“德债风暴”,当时Jefferies Llc的首席市场策略师DavidZervos表示,市场患上了春燥症并传染到全球其他资产类别。   日本央行在其9月份会议之前对货币政策立场的全面评估引发投资者担忧,该行可能会减少长期主权债的收购。这种担忧情绪在本月早些时候曾推动债券收益率上升,并且在最近几个交易日中重燃。30年期日本国债收益率目前接近3月份以来最高水平。   本周四,欧洲的政府债券也遭到类似日本债券的命运,因为欧洲央行周四没有宣布加大刺激力度或者延长资产收购。   德国10年期国债收益率周五升至零水平之上,为7月22日以来首次。   债券收益率的重新定位并非是受到对美联储政策预期发生变化的驱动。美联储9月份加息的隐含概率基本上仍与一周之前相同。   然而,美国市场也未能幸免于债券收益率的回升。自2013年末以来显著趋平的收益率曲线最近几个交易日明显变陡,2年期 10年期国债收益率差扩大到英国退欧公投以来区间的高端附近。   在全球债券的抛售浪潮之下,英国10年期国债收益率收复了8月4日英国央行降息并扩大资产收购以来的跌幅。   债市市场血流成河,其他资产类别也正受到波及。   长期债券收益率上升可能给2016年最火热的一个投资策略带来麻烦。美银美林全球利率和货币研究负责人David Woo说,一个风险平价组合(最基本的情况是包含一个加杠杆的国债多头仓位和一个股票多头仓位) 通常在主权债价格下跌的时候开始表现不佳。 责任编辑:王永生 SF153相关的主题文章: