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发表于 2009-6-3 04:48 AM
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I am not sure you can attribute the sell-off in European markets to the bond market rallies. According to the article, Euro zone corporate bond now has recovered to the pre-Lehman collapse level - i.e., investors are seeing less risk as yield drops (yield and bond prices has an inverse relationship). Now normally, bond yields and share prices move in the same direction (i.e., the higher the bond yield, the lower the bond price, and the higher share price as people move assets allocation from bond to share). However, more recently, over the last 2 weeks, the relationship has changed from higher yield resulting in lower share prices. This is because surging yield is expected to damage consumer financed spending. Hence I very much doubt Euro Zone sell-off is due to the bond price rally. The sell-off is more likely due to the Euro Zone consumer spending faltering. |
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