全球債市延續拋售潮 同時美元上漲
A global bond market rout intensified yesterday while the dollar strengthened as investors bet that US president-elect Donald Trump’s commitment to economic stimulus will herald faster growth and the return of inflation.
全球債券市場昨日繼續暴跌，同時美元上漲，投資者押注美國當選總統唐納德.特朗普(Donald Trump)的經濟刺激承諾將帶來經濟加速增長和通脹迴歸。
Since Mr Trump’s surprise win in last week’s election, investors have begun to question long-held consensus forecasts for subdued inflation and mediocre growth that underpinned a rally in bonds over the summer.
自特朗普在上週的大選中意外獲勝以來，投資者開始質疑市場對溫和通脹和低速增長的長期共識預期——該預期支持了今年夏季債券的上漲。
Yields on US, UK, German and Japanese government debt are now rising from record lows and fixed-income investors have lost nearly $1tn since the election.
美國、英國、德國和日本國債收益率從創紀錄低點持續上漲，固定收益投資者自美國大選以來損失了近1萬億美元。
The 30-year US Treasury yield jumped above 3 per cent for the first time since January before paring its losses while 10-year yields rose 4 basis points to 2.19 per cent, the highest level since January.
美國30年期國債收益率自今年1月以來首次飆升至3%以上，不過隨後收復了部分失地，同時10年期國債收益率上漲4個基點，至2.19%，這是自今年1月以來的最高水平。
Ten-year UK gilt yields regained pre-Brexit vote levels, while the yield on the German 30-year bond briefly moved above 1 per cent for the first time since early May.
英國10年期國債收益率重新回到英國退歐公投前的水平，同時德國30年期國債收益率自今年5月初以來首次升至1%上方。
Yields rise as bond prices fall.
債券收益率上升說明價格下跌。
The dollar index rose back over the 100-point mark it last hit in December.
美元指數回升至去年12月觸及的100點關口上方。
The dollar has also strengthened against its major rivals, with the euro falling 1 per cent to $1.0747 and the yen 1.3 per cent weaker at ￥108.06 per dollar.
美元兌主要貨幣上漲，歐元兌美元下跌1%，至1歐元兌1.0747美元，日元兌美元下跌1.3%，至108.06日元兌1美元。
The pound dropped 0.8 per cent to $1.2494.
英鎊兌美元下跌0.8%，至1英鎊兌1.2494美元。
The sell-off has hit emerging markets and yields have soared in Mexico, Brazil and Argentina.
債券拋售潮波及了新興市場，墨西哥、巴西和阿根廷的債券收益率飆升。
Mexican sovereign dollar bonds maturing in 2026 slid below par for the first time since February.
2026年到期的墨西哥主權美元債券自今年2月以來首次跌破面值。
