每日新闻更新 - 全球基准债券,美国非农就业 The Daily Update - Global benchmark bonds, Non-Farm Payrolls

今天,在主权债券的全球重新定价中,核心欧洲债券收益再次提升,尽管势头不如本周早些时候剧烈。目前,在我们监控的20只债券中,有18只的10年期政府债券基准收益高于近三月的平均水平,只有葡萄牙和希腊除外。除新西兰外,其他17个市场的债券价格收益都比近三月平均水平高出几个基点,其中六个市场近三月的收益达到新高。

那么,这是否意味着在过去一周世界经济和发展展望得到了巨大改善?数据方面并没有这样的信号。关于通货膨胀,央行行长因一些领域底层表现,对此有一定期待,主要在核心欧洲去,但这些数据表现非常微弱。另外,而至于美国国债收益上升,原因似乎跟德国通胀走出低谷有关。

过去三个月中,德国债券上升34个基点,美国债券上升28个基点。在我们看来,相对而言有一个市场的价格较低,而这不是德国债券。

然而,当市场变得非理性,他们唯一需要的就是通过最微不足道的理由延长非理性。不要挡在行进的火车前,如果它靠站了,而你的车票写着“夏季非理性贴现适用”,那就赶紧上车。

六月份非农就业数据终于出台,就业人数超过22.2万,而不是预期的17.8万,五月和四月的就业数据也进行了调整(+4.7万),因此这是不错的新闻。但失业率高达4.4%,超出预期0.1%。平均时薪环比增长超过2%,预期为超过0.3%,同比增长2.5%,比预期低0.1%。另外,参与率略有增长,从62.7%增长到62.8%,平均周薪增长了0.1%至34.5%。所以,报告喜忧皆有,通胀指数对债券利好,但就业状况并不乐观。美国债场收益率略有提高,10年期基准利率增长约2个基本点,信用价差保持平稳。

Please read this important information before proceeding. It contains legal and regulatory notices relevant to the information on this site.

This website provides information about Stratton Street Capital LLP ("Stratton Street"). Stratton Street is authorised and regulated by the UK's Financial Conduct Authority. The content of this website has been prepared by Stratton Street from its records and is believed to be accurate but we do not accept any liability or responsibility in respect of the information of any views expressed herein. The information, material and content provided in the pages of this website may be changed at any time by us. Information on this website may be out of date and may not be updated or removed.

The website is provided for the main purpose of providing generic information on Stratton Street and on our investment philosophy for the use of financial professionals in the United Kingdom that qualify as Professional Clients or Eligible Counterparties under the rules of the United Kingdom Financial Conduct Authority (the "FCA"). The information in this website is not intended for the use of and should not be relied on by any person who would qualify as a Retail Client. Products and services referred to on this website are offered only at times when, and in jurisdictions where, they may be lawfully offered. The information on this website is not directed to any person in the United States. The provision of the information on this website does not constitute an offer to purchase securities to any person in the United States (other than a professional fiduciary acting for the account of a non-U.S person) or to any U.S. person as such term is defined under the Securities Act of 1933, as amended.

The website is not intended to offer investors the opportunity to invest in any Alternative Investment Fund ("AIF") product. The AIFs managed by Stratton Street are not being marketed in the European Economic Area ("EEA") and any eligible potential investor from the EEA who wishes to obtain information on the AIFs will only be provided with materials upon receipt by Stratton Street of an appropriate reverse solicitation request in accordance with the requirements of the EU Alternative Investment Fund Managers Directive ("AIFMD") and national law in their home jurisdiction. By proceeding you confirm that you are not accessing this website in the context of a potential investment by an EEA investor in the AIFs managed by Stratton Street and that you have read, understood and agree to these terms.

No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way. The website should not be relied upon as including sufficient information to support any investment decision. If you are in doubt as to the appropriate course of action we recommend that you consult your own independent financial adviser, stockbroker, solicitor, accountant or other professional adviser. Past performance is not necessarily a guide to the future. The value of investments and the income from them may go down as well as up. An application for any investment or service referred to on this site may only be made on the basis of the offer document, key features, prospectus or other applicable terms relating to the specific investment or service.

Where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any other websites or pages linked to or linking to this website. We have not verified the content of any such websites. Such websites may contain products and services that are not authorised in your jurisdiction. Following links to any other websites or pages shall be at your own risk and we shall not be responsible or liable for any damages or in other way in connection with linking.

By using this site, you should be aware that we may disclose any information that we hold about you to any regulatory authority to which we are subject, or to any person legally empowered to require such information.

This website uses cookies to improve user experience, by clicking the "I Accept" button below means you consent to the use of cookies on our website.