商业报道:市场进入疲软？

Script:

Well, some analysts¹ are saying that the turmoil² in the U.S markets is starting to resemble the biggest financial crisis of the past century. So are traders right to hit the sale bottom out? let’s ask an expert, it's Stephen Pope, a head of Equity³ Research at Cantor Fitzgerald Europe. And he joins me in the studio now. Good morning to you.

Do you think we’re at a real global crisis point here in high risk lending? Do you think we’re at that, at that junction⁴ now?

Well I think in terms of the higher risk situation, then what you are seeing is a cry for greater transparency and accountability. But in terms of asset system into the rest of the financial system? No, it’s not. So some of the movements you’re seeing in the equity markets today are somewhat overdone⁵.

But there are some pretty, pretty dark pictures that we, that we’ve been seeing today. And we were talking to our correspondent Dan at the London Stock Exchange and we were seeing pictures of banking⁶ stocks down five percent, seemingly across the board. And of course all these are off the back of the massive US slide. It's a pretty bleak⁷ picture, isn’t it?

Yes, and with the banking sector⁸, that has been in the fund and unfree the last two weeks. What I think you gotta start looking at is some of the pressure on them is getting to be too extreme. So the higher-profile banks that have good liquidity⁹ balances and a very good loan book. Those reports are beginning to become quite good bargains.

What about some of these smaller banks now, some of the smaller lenders, do you think we are gonna see a knock-on effect and see them affected¹⁰ now, because that’s what some of the concerns are, aren’t they?

Yes, I think you will see that the smaller lenders who probably have more exposure to this territory and are probably least able to weather the storm are gonna be the ones who would be left to the wayside. Because investors¹¹ are going to say, no, we’re not going down that risk at the current time, because once you have this element of uncertainty¹², and unknown debt, then people are going to say, well we will go with the benchmark players as against the smaller fringe operators.

Stephen, do you think what we’re gonna see now is people hunting for safer investments?

I think yes, you will have seen a social flood got into the government bond sector. But so many within the equities¹³, you’ll start to see a drift towards those large-cap companies that operate good goods and services. Because, for example, the global economy is quite sound. If you just look at the USA-India nuclear deal, there is plenty of contract/ money to be won and that’s gonna feature through the bottom line.

Well, (it's a) strange dichotomy isn't it. We do have a sound global economy, and yet what we’re seeing on the markets at the moment does seem to be predicting some kind of big tumble, and those two don't seem to tally¹⁴? .

No, well I think that’s why I’m saying that the tumble is somewhat overdone at the current time. The central banks, their role is to stem inflation, but also to create an orderly monetary¹⁵ market. And that’s what they were doing through yesterday and again this morning, creating the liquidity, not a sort of discount rate,we were just saying, this is the rate we’re creating in the markets anyway, so the window is open, if you can justify¹⁶ a nature income, we can give you liquidity.

OK, Stephen Pope, From Cantor Fitzgerald Europe, thank you very much talking to us. Thank you.

Notes:

Dichotomy: Division into two usually contradictory parts or opinions

Knock-on effect: a secondary or incidental effect

1 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

2 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

3 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

4 junction   

n.连接，接合；交叉点，接合处，枢纽站

参考例句：

• There's a bridge at the junction of the two rivers.两河的汇合处有座桥。
• You must give way when you come to this junction.你到了这个路口必须让路。

5 overdone   

v.做得过分( overdo的过去分词 )；太夸张；把…煮得太久；（工作等）过度

参考例句：

• The lust of men must not be overdone. 人们的欲望不该过分。 来自《现代汉英综合大词典》
• The joke is overdone. 玩笑开得过火。 来自《现代英汉综合大词典》

6 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

7 bleak   

adj.(天气)阴冷的；凄凉的；暗淡的

参考例句：

• They showed me into a bleak waiting room.他们引我来到一间阴冷的会客室。
• The company's prospects look pretty bleak.这家公司的前景异常暗淡。

8 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

9 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

10 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

11 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

12 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

13 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

14 tally   

n.计数器，记分，一致，测量；vt.计算，记录，使一致；vi.计算，记分，一致

参考例句：

• Don't forget to keep a careful tally of what you spend.别忘了仔细记下你的开支账目。
• The facts mentioned in the report tally to every detail.报告中所提到的事实都丝毫不差。

15 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

16 justify   

vt.证明…正当(或有理)，为…辩护

参考例句：

• He tried to justify his absence with lame excuses.他想用站不住脚的借口为自己的缺席辩解。
• Can you justify your rude behavior to me?你能向我证明你的粗野行为是有道理的吗？