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Bull run bearing up against calamities

By Valerie Roberts,2014-04-09 23:17
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Bull run bearing up against calamities

Bull run bearing up against calamities (灾难)

In the equity markets the bull is tossing aside(抛开不管) Japan's biggest

    disaster since the second world war and the conflict in Libya. James Mackintosh, investment editor, analyses how market sentiment (市场行情)

    is bearing up (支撑) against the strong negative forces.

    股票市场正摆脱日本自第二次世界大战以来的大灾难和利比亚战争的影响。

    投资编辑James.Mackintosh,分析了股票市场是如何在这次大灾难中振作起来的。

    subdue: to conquer or control the actions of 征服!压制

    tumble: to fall rapidly in price 价格暴跌e.g Tumbling prices have meant reduced

    profits.

    In the Portuguese?葡萄牙的? bullfight, the forcados (徒手斗牛士) try to (1)

    ______ the animal by lining up in front of its charge?攻击? and jumping on its

    head. That sounds full hardy. It is. But apart from the horrible injuries, the eight forcados are usually successful. The equity market right now is the bull that’s winning

    in spite of Japan’s biggest disaster since the Second World War, and the unexpected decision of the US to support the bombing of Libya.

    This chart shows the effect of the biggest of the problems facing the bull at the momentthe earthquake, tsunami and nuclear calamity in Japan. We can see that Japanese equities have been totally along pretty much ?几乎? in(2) ______ with the

    rest of the world right up until the quake. The result was a (3) ______ in Japanese

    shares, briefly down more than 20% as investors tried to(4) ______ the scale of the

    country’s disaster. The rest of the world though, wasn’t that badly affected. Since the

    day before the quake hit, shares in the rest of the world had fallen by just over 1% in dollar terms. That includes another strong (5) ______ today Monday as investors

    became ever more convinced that the economic recovery was well underway.

    The surprisingly small reaction outside Japan came despite the fact the Middle East situation was(6) ______. Coming late at the weekend were the American, British and French attacks on the Libyan military. Stock markets have been reacting badly to rising oil prices even before Japan’s quake. Surely another Middle East conflict, Libya

    is actually in North Africa, of course, but investors have long loved the two together. Surely that’s enough to stop the bull. Even the prospect of an(7) ______ battle and

    unrest in Libya doesn’t seem to have that much effect. But at some point, rising oil has to be bad for equities.

    You can see on this chart that oil started to rise faster than shares at the end of

    November. When the oil markets woke up to the dangers of the Middle East revolutions in mid-February, that’s here, that did slow the bull and(8) ______ with

    the peak in the market. Since then, world equities went down a bit more than 4%, wiping out all their gains for the year. But it isn’t how bull runs usually end. The fall

    is just too small. Today’s rise of shares worldwide, up 1.4% or so, came as investors decided that today was a day to take a risk following good news on the fight to get Japan’s Fukushima reactors back under control. Market reacted in a(9) ______

    risk-gone way. Bonds (债券) and dollar(10) ______ and commodities, equities rose.

    The bull run will have to come to an end at some point. When it does, investors will suffer. But for now, the markets seem to be able to toss aside all but the worst news.

Keys:

    1. subdue 2. line 3. crash 4. assess 5. bounce 6. worsening 7. extended 8. coincided 9. standard 10. tumbled

In the Portuguese?葡萄牙的? bullfight, the forcados (徒手斗牛士) try to subdue the

    animal by lining up in front of its charge?攻击? and jumping on its head. That

    sounds full hardy. It is. But apart from the horrible injuries, the eight forcados are usually successful. The equity market right now is the bull that’s winning in spite of

    Japan’s biggest disaster since the Second World War, and the unexpected decision of the US to support the bombing of Libya.

    This chart shows the effect of the biggest of the problems facing the bull at the momentthe earthquake, tsunami and nuclear calamity in Japan. We can see that Japanese equities have been totally along pretty much ?几乎? in line with the rest of

    the world right up until the quake. The result was a crash in Japanese shares, briefly

    down more than 20% as investors tried to assess the scale of the country’s disaster.

    The rest of the world though, wasn’t that badly affected. Since the day before the

    quake hit, shares in the rest of the world had fallen by just over 1% in dollar terms. That includes another strong bounce today Monday as investors became ever more

    convinced that the economic recovery was well underway.

    The surprisingly small reaction outside Japan came despite the fact the Middle East situation was worsening. Coming late at the weekend were the American, British and French attacks on the Libyan military. Stock markets have been reacting badly to rising oil prices even before Japan’s quake. Surely another Middle East conflict, Libya is actually in North Africa, of course, but investors have long loved the two together. Surely that’s enough to stop the bull. Even the prospect of an extended battle and

    unrest in Libya doesn’t seem to have that much effect. But at some point, rising oil has to be bad for equities.

    You can see on this chart that oil started to rise faster than shares at the end of November. When the oil markets woke up to the dangers of the Middle East revolutions in mid-February, that’s here, that did slow the bull and coincided with the

    peak in the market. Since then, world equities went down a bit more than 4%, wiping out all their gains for the year. But it isn’t how bull runs usually end. The fall is just

    too small. Today’s riseshares worldwide, up 1.4% or so, came as investors decided that today was a day to take a risk following good news on the fight to get Japan’s Fukushima reactors back under control. Market reacted in a standard risk-gone way.

    Bonds (债券) and dollar tumbled and commodities, equities rose. The bull run will

    have to come to an end at some point. When it does, investors will suffer. But for now, the markets seem to be able to toss aside all but the worst news.

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