全球市场即将迎来多事之秋_时事_双语阅读-查字典英语网

全球市场即将迎来多事之秋

汇丰控股说，早些时候的反弹主要是因为欧洲央行意外宣布了所谓的长期再融资操作，这一操作使欧洲的银行可以以较低的利率借款，从而减轻了银行的压力。在最近的反弹中，市场并不是对央行的行动做出反应，只是人们预计会有事情发生。这次反弹所处的环境更加艰难，收益预期被下调，成交量不升反降。

Cracks are already showing; the MSCI AC Asia ex Japan Index has lost 2.8% since Aug. 23, as optimism about central-bank action has waned due to a lack of supportive news.

目前已经显现出下跌的迹象。8月23日以来，摩根士丹利资本国际亚洲（不含日本）指数下跌了2.8%，由于缺乏支持性的报道，人们对央行行动的乐观态度已经消退。

Yet valuations remain cheap in Asia, with the MSCI AC Asia ex Japan trading at a forward price-to-earnings ratio of 10.5, compared with a 15-year historical average of 12.7.

不过，亚洲股市的估值仍然很低，摩根士丹利资本国际亚洲（不含日本）指数的预期市盈率是10.5倍，相比之下15年的历史平均值为12.7倍。

'Over a 24-month view, equities are a hugely attractive asset class,' said Aviva's Mr. Pasha, pointing to 'incredibly compelling' valuations and strong corporate balance sheets. 'The real issue is not so much where we will be in 24 months from now, but the critical path that takes us there.'