避险情绪

但在亚洲股市的交易中，避险情绪却显而易见。亚洲对SARS疫情的记忆依然清晰。

However , risk aversion was clearly apparent in trading across Asian stock markets , where memories of the Sars outbreak in 2003 remain prominent .

市场的主题是‘继续冒险吧’，过去数周的大部分时间里避险情绪一直占据主导，如今许多交易商会感觉深深舒了一口气，CMCMarkets分析师詹姆斯休斯（JamesHughes）表示。

The theme is very much ' risk on ' and with risk aversion having dominated for large parts of the last couple of weeks , many traders will be feeling hugely relieved , said James Hughes , analyst at CMC Markets .

避险情绪大幅上升，推动Vix指数上涨至13个月高点。Vix指数是华尔街的恐惧指标，也是反映市场波动的最佳指引。

The sharp rise in risk aversion saw the Vix , the Wall Street fear gauge and best guide to market volatility , jump to 13-month highs .

股市疲弱导致油价跌破每桶70美元（跌幅逾2美元），同时衡量股市波动性的美国vix指数上涨16%，突显出市场日益上升的避险情绪。

The weakness in equities sent oil prices below $ 70 a barrel a fall of more than $ 2 while the US VIX Index , which measures stock market volatility , jumped 16 per cent , highlighting increasing risk aversion .

这个过程在一定程度上将是内生性的，因为随着避险情绪消退，欧元区商业银行对央行资金的需求将会减弱，或者提前偿还当前的贷款，这是3年期LTRO所允许的。

The process will be partly endogenous , as commercial banks in the eurozone will request less central bank money as risk aversion subsides , or will reimburse existing loans in advance , as the three-year LTROs allow .

避险情绪尚未彻底消失。

Risk aversion has yet to disappear completely .

下一次，避险情绪的大举回归可能会损害美元。

Next time , a big return of risk aversion could hurt the dollar .

我们预测，这一过程只会暂时被数波避险情绪打断。

We expect this process to be only temporarily interrupted by bouts of risk aversion .

在外汇市场，美元和日元汇率因避险情绪上升双双走强。

In currency markets , the dollar and yen were both strengthened by increased risk aversion .

投资者日益增长的避险情绪最近已导致资本流入中国的趋势发生逆转，并促使人民币汇率走低。

Rising risk aversion among investors has recently reversed capital flows into China and weakened the renminbi .

通常在避险情绪高涨时，股市和大宗商品市场会下挫，而美元会升值。

Whenever risk aversion mounts , then equities and commodities sell off , while the dollar gains .

日元和瑞士法郎通常会受益于投资者的避险情绪。

Both the yen and Swiss Franc tend to be beneficiaries when investors are in risk aversion mode .

然而，欧洲的市况有所不同，欧洲投资者的避险情绪仍然高于美国投资者。

The story is different in Europe , however , where investors are still more risk-averse than in the US .

在大宗商品交易所，能源、金属和农产品价格呈震荡走势，原因在于投资者的避险情绪推动美元出现反弹。

On commodity exchanges , energy , metals and agricultural prices were volatile as risk aversion helped the dollar rally .

总的来说，我们倾向于利用日元交叉盘剩余的高位做空，以待避险情绪上涨。

Overall we prefer to use remaining strength in the JPY-crosses as a selling opportunity in anticipation of heightened risk aversion .

随后，过去18个月左右强化了的避险情绪，加剧全球跨境资本流动大幅下降。

Then , heightened risk aversion over the last 18 months or so contributed to a sharp fall in cross-border capital flows globally .

激烈的竞争使制作公司的避险情绪增强，这使跟风效仿大获成功的“中国好声音”成为一种安全的做法。

Fierce competition makes producers more risk averse , which makes echoing the successful ' The Voice of China ' a safe bet . '

2008年的恐慌，很可能把避险情绪推至高位，同时压低了资产价格。

It is also quite possible that the panic of 2008 pushed risk aversion to high levels , and asset prices to low levels .

投资者避险情绪高涨：今年5月，希腊10年期债券收益率达到逾12%的峰值。

The flight from risk was dramatic : in May , the yield on Greek 10-year bonds peaked at more than 12 per cent .

亚行预计，由于避险情绪重现将导致出口下降和资本流动减少，随着时间的推移，这些情况将发生改变。

The ADB expects these dynamics to change as the year progresses , as exports fall and capital flows abate with a return of risk aversion .

避险情绪依然浓厚的日本银行，普遍更愿意从现金更为拮据的欧洲银行手中购买资产或向它们提供贷款，而不是在亚洲发放新的贷款。

The still risk-averse Japanese banks generally prefer to buy assets from or lend to the more cash-strapped European banks rather than making new loans in the region .

一方面，随着全球市场避险情绪的加重，在“避险”交易推动下，对美元作为避险资产的需求增大。

On the one hand , the currency is in demand as a haven when global risk aversion rises , benefiting from the so-called " risk off " trade .

昨日从中国传出的令人不安的消息，为避险情绪的大幅上升营造了氛围，新兴市场资产和大宗商品首当其冲遭到抛售。

Unsettling news from China set the scene for a sharp rise in risk aversion yesterday , with emerging market assets and commodities bearing the brunt of the selling .

报告称：全球经济已经放缓，金融动荡和投资者避险情绪大幅增强，各地区的经济表现持续分化。

The global economy has slowed , financial volatility and investor risk aversion have sharply increased , and performance has continued to diverge across regions , the report said .

中国各银行以前曾显示出类似的避险情绪，在2008年末全球金融危机最高峰时期叫停与国外银行进行在未来结算的外汇交易。

Chinese banks have displayed similar risk aversion before , cutting off foreign lenders from future-settled foreign exchange transactions at the height of the global financial crisis in late 2008 .

希腊国债的收益率昨日再度攀升，尽管相比峰值已有所回落，但仍然远远高于这波避险情绪伊始时的水平。

Yields on Greek bonds rose again yesterday , and remain far higher than when the bout of risk aversion started , even if they are down from their peak .

堪萨斯大学的研究推测，九月份纽约白昼时间的大幅骤减可能引发了季节性的情绪紊乱，导致一些交易员的避险情绪加重。

The University of Kansas study suggests a sharp drop-off in the amount of daylight in New York in September might trigger seasonal affective disorder and make some traders more risk-averse .

但一些投资者表示，新兴市场成为市场避险情绪的出口，这有失公平，反映出了投资者对这些市场经济管理、资本市场及法治那种过时的担忧。

But some investors say emerging markets are unfairly at the receiving end of risk aversion , reflecting outdated concerns about their economic management , capital markets and rule of law .

昨日，全球经济面临的问题以及投资者重新燃起的避险情绪得到了进一步突显，全球股市昨日大幅下挫，日元兑欧元明显升值。

The problems facing the world economy and renewed risk aversion among investors were further highlighted yesterday when global stocks fell sharply yesterday and the yen gained appreciably against the euro .

新兴市场的麻烦在于，到目前为止，它们的股市尚未与发达国家股市脱钩，而且实际上往往在避险情绪主导市场时期表现得比发达国家股市更加糟糕。

The trouble with emerging markets is that , so far , their stock markets have not decoupled and , in fact , have tended to underperform during periods of risk-aversion .