股市再次上涨,随着拜登走向美国大选胜利,美国国债上涨
Stocks rally again, Treasuries gain as Biden edges towards US election win

Stocks rally again, Treasuries gain as Biden edges towards US election win

股市再次上涨,随着拜登走向美国大选胜利,美国国债上涨

华尔街的标志是2012年11月5日纽约证券交易所(New York Stock Exchange)对面挂着一面巨大的美国旗。(照片:总部/ Chip East)

总部:周四(11月5日),全球股市上涨,与此同时,乔·拜登(Joe Biden)在密歇根州和威斯康星州获胜后逐步进入白宫,尽管民主党人似乎不太可能赢得参议院的多数席位,但美元却退居次要地位。

市场正试图衡量政府分裂带来的后果,人们预期,阻止更多监管、限制财政刺激的政策僵局也可能迫使美联储(Fed)出手。

华尔街的三大指数周四连续第四天上涨,而欧洲股市跟随亚洲股市走向健康上涨。与此同时,在周三的巨额收益和美国失业索赔数据之后,日期较长的美国债下跌,收益率小幅上升。

评论:

JEREMY SCHWARTZ , HEAD of Global Research at WISDOM Tree

"如果共和党保留参议院,谁担任总统无关紧要。

市场预计会出现非常强劲的财政推动力,但税收增加抵消了这一推动力,这可能导致一些人抛售。但随着这种情况的出现,技术(部门)确实在运转。人们预计拜登将与(参议院多数党领袖米奇[ Mitch ])麦康奈尔(McConnell)保持合作气氛,就通过一些刺激措施和取消增税达成一致。

因此,你保持着低税率和合作精神的积极作用,这可能会带来一些刺激。

只要没有其他影响,如失控的社会动荡,市场就会无视一些事态发展,比如特朗普挑战选举结果。

JOHN PETRIES , PORTFOLIO MANAGER , TOQUILE ASSET MANAMET , New YORK

“除了市场正在获得它想要的东西之外,还没有什么事情可以做。共和党控制着参议院,赢得了拜登的胜利。这是市场正在寻找的最佳情况之一。

"让共和党人进入参议院,尽管我们不知道总统是谁,但这基本上迫使拜登当选总统,他将更难通过其旨在提高企业地位的税务计划。"

“现在,投资者只需要设定他们的预期,即在我们知道这位官方总统是谁之前,可能还会再有几天,如果不是更长时间的话。 ”如果拜登在这些州中的一些州勉强出局,特朗普总统已经有了一支律师大军来对抗这个过程。如果事情发生逆转,特朗普要退出,拜登可能也会这样做,并对结果提出质疑。

我们在这里需要耐心,看谁会成为总统,但如果共和党人赢得参议院,我认为这是关键,这就是市场如此积极反应的原因。

巴勒斯坦企业家、老年人投资战略、经常投资、海运

"一个没有已知结果的长期时期可能给金融市场带来波动。我们知道的是,美国和全球经济仍处于新的周期性扩张的初期。政治带来了很多惊喜,但一些非常强大的经济力量已经在发挥作用,根本不在乎谁在白宫。 ”

法国形式、货币解决办法、投资、伦敦

"在我们知道下一任总统将由谁担任之前,市场仍在努力弄清这一结果意味着什么,不确定性很可能会持续下去。如果任何竞争仅限于重新计算选票,我们预计其影响将是短暂的;但如果通过法院而变得更加持久和对抗,那么我怀疑这将产生更长期的影响,安全避风港货币对美元的表现将超过。

ROBERT WOLF , FOunder , 32 Advisors , New YORK , NY

"在拜登总统的主持下举行分裂选举,再加上由共和党领导的参议院,将导致基础设施等以增长为导向的刺激措施,但同时又不可能通过于繁琐的法规或重大的税务改革立法。它还将带来一个不那么动荡和更受欢迎的环境,结束推特(世贸组织)对白宫的管理" 。

NOEL DIXON , Global MACRO Strategy , State STREET Global Markets , BOSTON , MA

“在市场看来,僵局等于有机会继续寻求刺激,但却限制拜登不受任何重大的渐进冲动的影响— —提高税收、加强监管。 ”一旦尘埃落定,拜登依然站在首位,麦康纳的声音将至关重要。

资金、投资战略、风险管理

"虽然股票市场通常更喜欢僵局,但情况并不总是如此。市场参与者一直在争取另一项大型COVID - 19财政刺激计划,并已开始对基础设施支出一揽子计划产生希望。如果国会分裂,这些法案的规模和范围可能会比较小。财政刺激可能推迟到就职后,基础设施一揽子计划无法保证" 。

"但我们认为,对某些部门来说,僵局是积极的。例如,这将意味着影响深远的化石燃料、保健和金融业监管的可能性要小得多。我们还怀疑整个技术和通信服务部门是否会面临严重的监管挑战,尽管某些公司可能在近期继续面临审查" 。

人口、全球流动人口、生态基金管理人、南非

“民主党在美国获胜并不意味着美元走强,所以世界各国的货币都会崩溃,我们看到美元走弱,其他一些市场的货币也会走强,所以从回报的角度来看,这对新兴市场非常有利。 ”

我们开始看到的贸易敌意减少了,这对任何开放的全球经济都有利" 。

JUSTIN ONUEKUSI , PORTFOLIO MANAGER , Legal & General Investment MANAGERS , LONDN

“美联储(Fed)今天有点孤注一掷,但它有可能加强围绕潜在量化宽松的前瞻性指导,这对美元不利,因为你的财政刺激措施可能也会减少。 ”另一件让我们中期对美元不利的事情是,从政治角度来看,美国是否会变弱。如果(选举后的争吵)持续数周或数月,共和党人拒绝接受结果,从非政治角度来看,这不是积极的" 。

DIDIER SAINT - GEOGES , MANAGING Director , CARMIGNAC , PARIS

“很多职位争夺战仍在继续,我们不应该误以为每小时都会有这样的动作。绿色能源这样的事情是长期趋势,会继续下去。 ”

“与预期相比,一些(国债收益率)曲线平缓可能是有道理的,但即便一些利率头寸已经解冻,我们也不应该为了看到逆转而放弃。 ”一个要点是,对制药部门的监管风险已经减少。Pharma今年一直落后,因此我们可能会看到一些追赶" 。

联合企业,中国投资办公室,国家资本公司,伦敦

“从民主党总统和共和党参议院的潜力来看,选举结果在很多方面都是市场的最好消息,因为它可以防止更极端的政策。 ”

“拜登当选增加了达成财政刺激协议的机会,但(与共和党参议院达成的)这也削弱了他推动大幅增税或可能限制亚马逊(GDP)和苹果(GDP)等竞争管理机构实习生的政策的能力。推动他加强反垄断措施的力度有限,这或许是我们看到纳斯达克崛起的原因。 ”

SIMON CARLTON , CHIEF Executive Officer , CARLTON JAMES Group , LONDON

“如果你看数字、趋势、过去的周期、失业率— —双底衰退即将到来,我不认为总统— —不管是谁— —都会阻止这种情况。 ”因为我认为,纠正不仅是可能的,而且是这些经济周期的要求。而COVID的下降期很短,有很多不同的因素需要考虑,我认为到目前为止,我们还没有看到真正的纠正。

来源:路透社。

REUTERS: Global stocks rallied on Thursday (Nov 5) while the dollar took a back seat as Joe Biden inched towards taking the White House following victories in Michigan and Wisconsin, although the Democrats looked unlikely to secure a Senate majority.

Markets were trying to gauge the fallout from a split government, and expectations rose that a policy gridlock that would prevent greater regulation and limit fiscal stimulus could also force the hand of the US Federal Reserve.

Each of Wall Street's three major indexes were higher for a fourth straight day on Thursday while stocks in Europe followed Asian bourses to clock healthy gains. Meanwhile, longer-dated US Treasuries ticked lower after Wednesday's huge gains and US jobless claims data, pushing yields up modestly.

COMMENTS:

JEREMY SCHWARTZ, HEAD OF GLOBAL RESEARCH AT WISDOM TREE

"If the Republicans keep the Senate it doesn't matter who is president.

The market was expecting a very strong fiscal impulse, offset by higher taxes and that might have led to selling by some people. But as that has come off, tech (sector) has really run. There is an expectation that Biden will have a collaborative tone with (Senate majority leader Mitch) McConnell, coming to an agreement about passing some stimulus and taking tax hikes off the table.

So you keep the positive of low tax rates and a collaborative spirit which could bring some stimulus.

Markets will look past some of developments such as Trump contesting the election results, as long as there are no other ramifications such as social unrest that spirals out of control."

JOHN PETRIDES, PORTFOLIO MANAGER, TOCQUEVILLE ASSET MANAGEMENT, NEW YORK

"Nothing is set on stone yet but the market is getting what it wanted and that is Republicans holding the Senate and a Biden victory. That was one of the best case scenarios that the market was looking for.

"By having the Republicans in the Senate, even though we don't know who the president is, it basically enforces that if Biden is elected president, he'll have a harder time passing through his tax plan which was to raise corporate. "

"Now investors just need to set their expectations that it could be still several more days if not longer until we know who the official president is. If Biden does squeak out in some of these states, president Trump already has an army of attorneys to fight the process. Presumably if it were to flip and Trump were to pull it out, Biden would do the same and contest the result.

We need to be patient here to see who will be President but if Republicans were to win the Senate, that I think that is key and that's why the markets are responding so positively."

PAUL EITELMAN, SENIOR INVESTMENT STRATEGIST, RUSSELL INVESTMENTS, SEATTLE

"A protracted period with no known result could inject volatility into financial markets. What we do know is that the US and global economy are both still in the early innings of a new cyclical expansion. Politics offers plenty of surprises, but there are some very powerful economic forces already at work that don't care at all about who is in the White House."

FRANCESCA FORNASARI, HEAD OF CURRENCY SOLUTIONS, INSIGHT INVESTMENT, LONDON

"The market is still trying to get its head around the what this result means and the uncertainty is likely to continue until we know who will be the next President. If any contesting is limited to recounting votes, we would expect the impact to be short lived; but if it becomes longer-lasting and adversarial by going through the Courts, then I suspect that will have longer term repercussions and safe haven currencies will outperform vs the US dollar."

ROBERT WOLF, FOUNDER, 32 ADVISORS, NEW YORK, NY

"A split election with a Biden Presidency along with a GOP led Senate will lead to growth oriented stimulus such as infrastructure but without the likelihood of overly burdensome regulations nor big tax reform legislation being passed. It will also bring on a less volatile and much welcomed environment bringing the end to a White House governing by Twitter."

NOEL DIXON, GLOBAL MACRO STRATEGIST, STATE STREET GLOBAL MARKETS, BOSTON, MA

"As the market sees it gridlock equals the opportunity to still pursue stimulus but constrain Biden from any major progressive impulses - higher taxes, higher regulation. The tones coming from McConell will be critical once the dust settles and Biden remains on top"

FRDRIQUE CARRIER, HEAD OF INVESTMENT STRATEGY, RBC WEALTH MANAGEMENT

"While the equity market typically prefers gridlock, this isn't always the case. Market participants have been clamouring for another large COVID-19 fiscal stimulus package, and have also begun to get their hopes up for an infrastructure spending package. These bills would probably be more modest in size and scope with a divided Congress. Fiscal stimulus could be delayed until after the inauguration, and an infrastructure package is no guarantee."

"But we think gridlock would be perceived positively for certain sectors. For example, it would mean that far-reaching fossil fuel, health care, and financial industry regulations would be much less likely. We also doubt the Tech and Communication Services sectors at large would face serious regulatory challenges, although select companies could continue to face scrutiny in the near term."

PETER LEGER, GLOBAL FRONTIERS PORTFOLIO MANAGER, CORONATION FUND MANAGERS, SOUTH AFRICA

"A Democrat win in the US does not mean a stronger dollar, so currencies around the world get a break and we see the dollar weaken and you have currencies strengthening in a number of other markets, so from a returns perspective it's very supportive for emerging markets."

The trade hostility we started seeing reduces, which is beneficial to any open global economies."

JUSTIN ONUEKWUSI, PORTFOLIO MANAGER, LEGAL & GENERAL INVESTMENT MANAGERS, LONDON

"The Fed today is a bit of a sideshow, but there is a chance it may strengthen forward guidance around potential QE, and that would be dollar-negative as you may also have less fiscal stimulus coming. Another thing that makes us medium-term negative on the dollar is whether you see a weaker United states from a political perspective going forward. If (post-election wrangling) goes on for weeks or months, with Republicans refusing to accept the results, that's not positive from apolitical perspective."

DIDIER SAINT-GEORGES, MANAGING DIRECTOR, CARMIGNAC, PARIS

"There is a lot of position-squaring going on and we should not fall into the mistake of reasoning out moves every hour.Things like green energy are long-term trends which will continue."

"Compared to what was anticipated, some (Treasury yield)curve flattening may make sense, but even if some rates positions were unwound, we should not get carried away trying to see a reversal. One takeaway is that regulatory risk to the pharma sector has reduced. Pharma has been a laggard this year,so we may see some catch-up."

JONATHAN BELL, CHIEF INVESTMENT OFFICER, STANHOPE CAPITAL, LONDON

"The outcome of the election in terms of the potential for a Democratic president and a Republican Senate is many ways the best news for markets because it prevents more extreme policies."

"Biden being elected increases the chances of a fiscal stimulus deal, but (with a Republican Senate) it also reduces the ability for him to push through significant tax rises or policies that might constrain the likes of Amazon and Apple interns of competition authority. The push for him to increase anti-trust measures is limited and that's perhaps why we're seeing the Nasdaq rise."

SIMON CARLTON, CHIEF EXECUTIVE OFFICER, CARLTON JAMES GROUP,LONDON

"If you look at the numbers, trends, previous cycles,unemployment numbers - a double-dip recession is coming, and I don't think either president, whoever gets in, is going to stop that. Because I think a correction is not only likely, but is a requirement of these economic cycles. And the COVID dip was short-lived and there are so many different factors to take into account that I don't think we've seen the actual correction as of yet."

A sign for Wall Street is seen with a giant American flag in the background across from the New York Stock Exchange Nov 5, 2012. (Photo: REUTERS/Chip East)

华尔街的标志是2012年11月5日纽约证券交易所(New York Stock Exchange)对面挂着一面巨大的美国旗。(照片:总部/ Chip East)

REUTERS: Global stocks rallied on Thursday (Nov 5) while the dollar took a back seat as Joe Biden inched towards taking the White House following victories in Michigan and Wisconsin, although the Democrats looked unlikely to secure a Senate majority.

总部:周四(11月5日),全球股市上涨,与此同时,乔·拜登(Joe Biden)在密歇根州和威斯康星州获胜后逐步进入白宫,尽管民主党人似乎不太可能赢得参议院的多数席位,但美元却退居次要地位。

Markets were trying to gauge the fallout from a split government, and expectations rose that a policy gridlock that would prevent greater regulation and limit fiscal stimulus could also force the hand of the US Federal Reserve.

市场正试图衡量政府分裂带来的后果,人们预期,阻止更多监管、限制财政刺激的政策僵局也可能迫使美联储(Fed)出手。

Each of Wall Street's three major indexes were higher for a fourth straight day on Thursday while stocks in Europe followed Asian bourses to clock healthy gains. Meanwhile, longer-dated US Treasuries ticked lower after Wednesday's huge gains and US jobless claims data, pushing yields up modestly.

华尔街的三大指数周四连续第四天上涨,而欧洲股市跟随亚洲股市走向健康上涨。与此同时,在周三的巨额收益和美国失业索赔数据之后,日期较长的美国债下跌,收益率小幅上升。

COMMENTS:

评论:

JEREMY SCHWARTZ, HEAD OF GLOBAL RESEARCH AT WISDOM TREE

JEREMY SCHWARTZ , HEAD of Global Research at WISDOM Tree

"If the Republicans keep the Senate it doesn't matter who is president.

"如果共和党保留参议院,谁担任总统无关紧要。

The market was expecting a very strong fiscal impulse, offset by higher taxes and that might have led to selling by some people. But as that has come off, tech (sector) has really run. There is an expectation that Biden will have a collaborative tone with (Senate majority leader Mitch) McConnell, coming to an agreement about passing some stimulus and taking tax hikes off the table.

市场预计会出现非常强劲的财政推动力,但税收增加抵消了这一推动力,这可能导致一些人抛售。但随着这种情况的出现,技术(部门)确实在运转。人们预计拜登将与(参议院多数党领袖米奇[ Mitch ])麦康奈尔(McConnell)保持合作气氛,就通过一些刺激措施和取消增税达成一致。

So you keep the positive of low tax rates and a collaborative spirit which could bring some stimulus.

因此,你保持着低税率和合作精神的积极作用,这可能会带来一些刺激。

Markets will look past some of developments such as Trump contesting the election results, as long as there are no other ramifications such as social unrest that spirals out of control."

只要没有其他影响,如失控的社会动荡,市场就会无视一些事态发展,比如特朗普挑战选举结果。

JOHN PETRIDES, PORTFOLIO MANAGER, TOCQUEVILLE ASSET MANAGEMENT, NEW YORK

JOHN PETRIES , PORTFOLIO MANAGER , TOQUILE ASSET MANAMET , New YORK

"Nothing is set on stone yet but the market is getting what it wanted and that is Republicans holding the Senate and a Biden victory. That was one of the best case scenarios that the market was looking for.

“除了市场正在获得它想要的东西之外,还没有什么事情可以做。共和党控制着参议院,赢得了拜登的胜利。这是市场正在寻找的最佳情况之一。

"By having the Republicans in the Senate, even though we don't know who the president is, it basically enforces that if Biden is elected president, he'll have a harder time passing through his tax plan which was to raise corporate. "

"让共和党人进入参议院,尽管我们不知道总统是谁,但这基本上迫使拜登当选总统,他将更难通过其旨在提高企业地位的税务计划。"

"Now investors just need to set their expectations that it could be still several more days if not longer until we know who the official president is. If Biden does squeak out in some of these states, president Trump already has an army of attorneys to fight the process. Presumably if it were to flip and Trump were to pull it out, Biden would do the same and contest the result.

“现在,投资者只需要设定他们的预期,即在我们知道这位官方总统是谁之前,可能还会再有几天,如果不是更长时间的话。 ”如果拜登在这些州中的一些州勉强出局,特朗普总统已经有了一支律师大军来对抗这个过程。如果事情发生逆转,特朗普要退出,拜登可能也会这样做,并对结果提出质疑。

We need to be patient here to see who will be President but if Republicans were to win the Senate, that I think that is key and that's why the markets are responding so positively."

我们在这里需要耐心,看谁会成为总统,但如果共和党人赢得参议院,我认为这是关键,这就是市场如此积极反应的原因。

PAUL EITELMAN, SENIOR INVESTMENT STRATEGIST, RUSSELL INVESTMENTS, SEATTLE

巴勒斯坦企业家、老年人投资战略、经常投资、海运

"A protracted period with no known result could inject volatility into financial markets. What we do know is that the US and global economy are both still in the early innings of a new cyclical expansion. Politics offers plenty of surprises, but there are some very powerful economic forces already at work that don't care at all about who is in the White House."

"一个没有已知结果的长期时期可能给金融市场带来波动。我们知道的是,美国和全球经济仍处于新的周期性扩张的初期。政治带来了很多惊喜,但一些非常强大的经济力量已经在发挥作用,根本不在乎谁在白宫。 ”

FRANCESCA FORNASARI, HEAD OF CURRENCY SOLUTIONS, INSIGHT INVESTMENT, LONDON

法国形式、货币解决办法、投资、伦敦

"The market is still trying to get its head around the what this result means and the uncertainty is likely to continue until we know who will be the next President. If any contesting is limited to recounting votes, we would expect the impact to be short lived; but if it becomes longer-lasting and adversarial by going through the Courts, then I suspect that will have longer term repercussions and safe haven currencies will outperform vs the US dollar."

"在我们知道下一任总统将由谁担任之前,市场仍在努力弄清这一结果意味着什么,不确定性很可能会持续下去。如果任何竞争仅限于重新计算选票,我们预计其影响将是短暂的;但如果通过法院而变得更加持久和对抗,那么我怀疑这将产生更长期的影响,安全避风港货币对美元的表现将超过。

ROBERT WOLF, FOUNDER, 32 ADVISORS, NEW YORK, NY

ROBERT WOLF , FOunder , 32 Advisors , New YORK , NY

"A split election with a Biden Presidency along with a GOP led Senate will lead to growth oriented stimulus such as infrastructure but without the likelihood of overly burdensome regulations nor big tax reform legislation being passed. It will also bring on a less volatile and much welcomed environment bringing the end to a White House governing by Twitter."

"在拜登总统的主持下举行分裂选举,再加上由共和党领导的参议院,将导致基础设施等以增长为导向的刺激措施,但同时又不可能通过于繁琐的法规或重大的税务改革立法。它还将带来一个不那么动荡和更受欢迎的环境,结束推特(世贸组织)对白宫的管理" 。

NOEL DIXON, GLOBAL MACRO STRATEGIST, STATE STREET GLOBAL MARKETS, BOSTON, MA

NOEL DIXON , Global MACRO Strategy , State STREET Global Markets , BOSTON , MA

"As the market sees it gridlock equals the opportunity to still pursue stimulus but constrain Biden from any major progressive impulses - higher taxes, higher regulation. The tones coming from McConell will be critical once the dust settles and Biden remains on top"

“在市场看来,僵局等于有机会继续寻求刺激,但却限制拜登不受任何重大的渐进冲动的影响— —提高税收、加强监管。 ”一旦尘埃落定,拜登依然站在首位,麦康纳的声音将至关重要。

FRDRIQUE CARRIER, HEAD OF INVESTMENT STRATEGY, RBC WEALTH MANAGEMENT

资金、投资战略、风险管理

"While the equity market typically prefers gridlock, this isn't always the case. Market participants have been clamouring for another large COVID-19 fiscal stimulus package, and have also begun to get their hopes up for an infrastructure spending package. These bills would probably be more modest in size and scope with a divided Congress. Fiscal stimulus could be delayed until after the inauguration, and an infrastructure package is no guarantee."

"虽然股票市场通常更喜欢僵局,但情况并不总是如此。市场参与者一直在争取另一项大型COVID - 19财政刺激计划,并已开始对基础设施支出一揽子计划产生希望。如果国会分裂,这些法案的规模和范围可能会比较小。财政刺激可能推迟到就职后,基础设施一揽子计划无法保证" 。

"But we think gridlock would be perceived positively for certain sectors. For example, it would mean that far-reaching fossil fuel, health care, and financial industry regulations would be much less likely. We also doubt the Tech and Communication Services sectors at large would face serious regulatory challenges, although select companies could continue to face scrutiny in the near term."

"但我们认为,对某些部门来说,僵局是积极的。例如,这将意味着影响深远的化石燃料、保健和金融业监管的可能性要小得多。我们还怀疑整个技术和通信服务部门是否会面临严重的监管挑战,尽管某些公司可能在近期继续面临审查" 。

PETER LEGER, GLOBAL FRONTIERS PORTFOLIO MANAGER, CORONATION FUND MANAGERS, SOUTH AFRICA

人口、全球流动人口、生态基金管理人、南非

"A Democrat win in the US does not mean a stronger dollar, so currencies around the world get a break and we see the dollar weaken and you have currencies strengthening in a number of other markets, so from a returns perspective it's very supportive for emerging markets."

“民主党在美国获胜并不意味着美元走强,所以世界各国的货币都会崩溃,我们看到美元走弱,其他一些市场的货币也会走强,所以从回报的角度来看,这对新兴市场非常有利。 ”

The trade hostility we started seeing reduces, which is beneficial to any open global economies."

我们开始看到的贸易敌意减少了,这对任何开放的全球经济都有利" 。

JUSTIN ONUEKWUSI, PORTFOLIO MANAGER, LEGAL & GENERAL INVESTMENT MANAGERS, LONDON

JUSTIN ONUEKUSI , PORTFOLIO MANAGER , Legal & General Investment MANAGERS , LONDN

"The Fed today is a bit of a sideshow, but there is a chance it may strengthen forward guidance around potential QE, and that would be dollar-negative as you may also have less fiscal stimulus coming. Another thing that makes us medium-term negative on the dollar is whether you see a weaker United states from a political perspective going forward. If (post-election wrangling) goes on for weeks or months, with Republicans refusing to accept the results, that's not positive from apolitical perspective."

“美联储(Fed)今天有点孤注一掷,但它有可能加强围绕潜在量化宽松的前瞻性指导,这对美元不利,因为你的财政刺激措施可能也会减少。 ”另一件让我们中期对美元不利的事情是,从政治角度来看,美国是否会变弱。如果(选举后的争吵)持续数周或数月,共和党人拒绝接受结果,从非政治角度来看,这不是积极的" 。

DIDIER SAINT-GEORGES, MANAGING DIRECTOR, CARMIGNAC, PARIS

DIDIER SAINT - GEOGES , MANAGING Director , CARMIGNAC , PARIS

"There is a lot of position-squaring going on and we should not fall into the mistake of reasoning out moves every hour.Things like green energy are long-term trends which will continue."

“很多职位争夺战仍在继续,我们不应该误以为每小时都会有这样的动作。绿色能源这样的事情是长期趋势,会继续下去。 ”

"Compared to what was anticipated, some (Treasury yield)curve flattening may make sense, but even if some rates positions were unwound, we should not get carried away trying to see a reversal. One takeaway is that regulatory risk to the pharma sector has reduced. Pharma has been a laggard this year,so we may see some catch-up."

“与预期相比,一些(国债收益率)曲线平缓可能是有道理的,但即便一些利率头寸已经解冻,我们也不应该为了看到逆转而放弃。 ”一个要点是,对制药部门的监管风险已经减少。Pharma今年一直落后,因此我们可能会看到一些追赶" 。

JONATHAN BELL, CHIEF INVESTMENT OFFICER, STANHOPE CAPITAL, LONDON

联合企业,中国投资办公室,国家资本公司,伦敦

"The outcome of the election in terms of the potential for a Democratic president and a Republican Senate is many ways the best news for markets because it prevents more extreme policies."

“从民主党总统和共和党参议院的潜力来看,选举结果在很多方面都是市场的最好消息,因为它可以防止更极端的政策。 ”

"Biden being elected increases the chances of a fiscal stimulus deal, but (with a Republican Senate) it also reduces the ability for him to push through significant tax rises or policies that might constrain the likes of Amazon and Apple interns of competition authority. The push for him to increase anti-trust measures is limited and that's perhaps why we're seeing the Nasdaq rise."

“拜登当选增加了达成财政刺激协议的机会,但(与共和党参议院达成的)这也削弱了他推动大幅增税或可能限制亚马逊(GDP)和苹果(GDP)等竞争管理机构实习生的政策的能力。推动他加强反垄断措施的力度有限,这或许是我们看到纳斯达克崛起的原因。 ”

SIMON CARLTON, CHIEF EXECUTIVE OFFICER, CARLTON JAMES GROUP,LONDON

SIMON CARLTON , CHIEF Executive Officer , CARLTON JAMES Group , LONDON

"If you look at the numbers, trends, previous cycles,unemployment numbers - a double-dip recession is coming, and I don't think either president, whoever gets in, is going to stop that. Because I think a correction is not only likely, but is a requirement of these economic cycles. And the COVID dip was short-lived and there are so many different factors to take into account that I don't think we've seen the actual correction as of yet."

“如果你看数字、趋势、过去的周期、失业率— —双底衰退即将到来,我不认为总统— —不管是谁— —都会阻止这种情况。 ”因为我认为,纠正不仅是可能的,而且是这些经济周期的要求。而COVID的下降期很短,有很多不同的因素需要考虑,我认为到目前为止,我们还没有看到真正的纠正。

Source: Reuters

来源:路透社。