英文财经内容选读 – 0110 通胀及企业盈利数据发布之前，美债收益率上升，股票期货波动

WSJ- Markets – Jan 10 2022

Yields Rise, Stock Futures Waver Ahead of Inflation Data, Earnings 通胀及企业盈利数据发布之前，美债收益率上升，股票期货波动

Investors will parse earnings from JPMorgan Chase, Citigroup and Wells Fargo and inflation data this week 本周投资者们将解读摩根大通、花旗集团和富国银行的盈利数据以及通胀数据

Futures pointed to muted moves for U.S. stocks, while government bonds extended losses, as investors awaited inflation data and the start of earnings season. 投资者们在等待通胀数据和财报季的到来，期货显示美国股市走势温和，而政府债券延续跌势。

Contracts for the Nasdaq-100 ticked up 0.1% Monday, signaling minor gains for the technology-focused index. The Nasdaq Composite Index last week posted its biggest one-week percentage decline since February 2021. as rising bond yields punctured tech valuations. Futures for the S&P 500 and the Dow Jones Industrial Average were flat Monday. 纳斯达克100的期货合约周一上涨0.1%，说明该科技股指数小幅上涨。纳斯达克综合指数上周创下了自2021年2月以来的单周最大跌幅，上涨的债券收益率挫伤了科技股估值。标准普尔500指数和道琼斯工业平均指数的期货合约周一持平。

The yield on benchmark 10-year Treasury notes—which moves inversely to their price—rose to 1.795% from 1.769% Friday. Friday’s closing level was the highest since January 2020, when yields tumbled at the start of the pandemic. 10年期国债基准收益率从上周五的1.769%升至1.795%。债券收益率与价格涨跌走势相反。周五美债收益率的的收盘点位是自2020年1月以来的最高水平，2020年1月时疫情刚开始，美债收益率暴跌。

Rising yields at the start of 2022 have sent a shudder through tech stocks. Pushing yields up are indications that the Federal Reserve could raise short-term interest rates in March and begin to shrink its holdings of bonds and other assets soon afterward. 2022年初收益率的上升让科技股不寒而栗。收益率飙升表明，美联储可能在3月份提高短期利率，并在此后不久开始缩减其持有的债券和其他资产。

Inflation data due Wednesday will be keenly watched as investors seek to predict when the Fed will begin to raise borrowing costs. Monthly consumer prices are expected to have risen more than 7% from a year earlier, for the first time since 1982. 周三公布的通胀数据将受到密切关注，因为投资者们试图预测美联储何时开始提高借贷成本。月度消费者价格预计较上年同期上涨7%以上，这将是自1982年以来的首次。

Later this week, fourth-quarter earnings season kicks off at major U.S. financial firms, with JPMorgan Chase, Citigroup, Wells Fargo and BlackRock due to file results. Many investors are pushing money into bank stocks, figuring they stand to profit from a rise in interest rates. 本周晚些时候，美国主要金融公司将迎来第四季度的财报季，摩根大通、花旗集团、富国银行和贝莱德将公布财报。许多投资者将资金投入银行股，认为银行将在加息过程中获利。

Among them is Hani Redha, a multiasset fund manager at PineBridge Investments. He said the New York-based investment firm has cut its ownership of tech stocks and Treasurys while boosting cash holdings and exposure to financial companies. 其中包括PineBridge 投资公司的多资产基金经理Hani Redha。他表示，这家总部位于纽约的投资公司已削减了对科技股和美国国债的持仓，增加了现金持有量以及对金融公司的投资敞口。

“Equities are down and bonds are down too,” Mr. Redha said. “At least for a while, even cash is better than owning risk assets.” “股票下跌，债券也在下跌，” Redha先生说。“至少在一段时间内，就算持有现金也比拥有风险资产要好。”

In commodities, U.S. natural-gas prices rose 4.2% to $3.88 per million British thermal units. Cold weather in the Midwest and eastern U.S. early this week will likely boost demand for the fuel, according to analysts at NatGas Weather. 在大宗商品方面，美国天然气价格上涨4.2%至每百万英热单位3.88美元。NatGas weather的分析师表示，本周初美国中西部和东部的寒冷天气可能会增加对这种燃料的需求。

Overseas stock markets were mixed. The Stoxx Europe 600 slipped 0.2%, weighed down by shares of real estate and tech companies. Shares in Atos sank 17% after the French information-technology firm said 2021 results lagged expectations due to project delays and supply-chain challenges. 海外股市涨跌互现。受房地产和科技股拖累，斯托克欧洲600指数下跌0.2%。ATOS的股价下跌了17%，此前该法国信息技术公司表示，由于项目延误和供应链困局，其2021年的业绩不及预期。

The Shanghai Composite Index added 0.4% and Hong Kong’s Hang Seng rose 1.1%. Japanese markets were closed for a public holiday. 上海综合指数上涨0.4%，香港恒生指数上涨1.1%。日本股市因公共假日休市。