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The yen carry trade sell-off marks a step change in the business cycle
日元套息交易抛售标志着商业周期的一个阶段性变化

Gyrations in global markets come at a time of a monetary policy shift between the US and Japan
manbetx app苹果 市场出现波动之际,正值美国和日本的货币政策发生转变。

At first glance the wild gyrations in global markets over the past 10 days appear to have been driven by increased fears of US recession and of the Federal Reserve having been caught napping. Weak labour market data together with gloomy survey evidence on the state of the country’s manufacturing induced weakness in crowded and exuberantly valued areas of the US equity market such as tech. In short, an army of momentum traders was drastically wrongfooted by extreme volatility in thin August markets.

乍一看,过去10天manbetx app苹果 市场的剧烈波动似乎是由于对美国manbetx20客户端下载 衰退和美联储措手不及的担忧加剧所致。疲软的劳动力市场数据,加上对该国制造业状况的悲观调查结果,导致了美国股市中一些拥挤且高估的领域(如科技股)的疲软。简而言之,一大批动量交易员在8月份薄弱的市场中被极端的波动搞得措手不及。

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