US stocks staged a late rebound on Tuesday that halted a three-day global rout but underlined how volatility has returned to markets after years of unusual calm.
The Dow Jones Industrial Average ended up 567 points, or 2.3 per cent, at 24,913, a day after having recorded its biggest one-day points drop ever. The S&P 500 was up 1.7 per cent to 2,695, its best day since Donald Trump was elected US president.
The technology-heavy Nasdaq Composite gained 2.1 per cent. The sharp late-day reversal on Tuesday pulled all three major indices back into positive territory for the year.
Global stock market turbulence left European and Asian bourses deeply in the red yesterday as investors struggled to cope with the return of market volatility after years of unusual calm.
Stocks in Asia and Europe lost as much as 5 per cent as they caught up with Wall Street’s biggest loss in six years the previous day. US stocks took a rollercoaster ride, falling up to 2.1 per cent in the first minutes of trade before erasing losses by mid-day.
The focus for many investors was on the Vix volatility index, Wall Street’s so-called fear gauge, which briefly shot to its highest level since the 2015 Chinese currency devaluation. Funds that allow investors to bet on tranquil markets were at the centre of this week’s fall in equities, plummeting in value.
Credit Suisse and Nomura both pulled volatility-based securities from the market. Shares of Cboe Global Markets, which owns the Vix index, tumbled as much as 17 per cent as investors feared the closures could hit trading volumes.
瑞信(Credit Suisse)和野村证券(Nomura)都从市场上撤出基于波动性的证券。拥有Vix指数的芝加哥期权交易所全球市场(Cboe Global Markets)股价大跌17%，因投资者担心这些行动可能打压交易量。
“When [shorting volatility] doesn’t work, it really unwinds quickly and you get catastrophic losses,” said Sebastien Page, at T Rowe Price. “Why are investors attracted to it? Because in normal times it consistently makes money until it doesn’t and then you lose big.”
“当（卖空波动）赚不了钱时，相关头寸会很快解除，造成灾难性的损失，”普信(T Rowe Price)的塞巴斯蒂安?佩吉(Sebastien Page)表示。“投资者为什么被它吸引呢？因为在正常的时候，它一直赚钱，直到它赚不了钱，然后你会遭受巨亏。”
Market ructions have sliced 8 per cent off the S&P 500 since stocks hit January’s record. At one point, the Dow Jones Industrial Average briefly suffered a technical correction of 10 per cent.
自股市在1月份创下历史最高纪录以来后，标准普尔500指数(S&P 500)一度下跌8%。道琼斯工业平均指数(Dow Jones Industrial Average)一度短暂技术回调10%。
The tumble in Europe and Asia saw benchmark stock indices in Japan and Hong Kong slide more than 4 per cent and 5 per cent respectively. German, Spanish, British and French benchmarks dropped more than 2 per cent.
The whipsaw trading in US stocks came a day after the market suffered its biggest percentage fall since August 2011. The losses were triggered by investor concerns that an era of cheap money was drawing to a close in the face of renewed inflationary pressures.
Faster wage and economic growth has emerged across the developed world. Investors are readying for the possibility that the Federal Reserve and European Central Bank could tighten policy more aggressively than thought at the end of last year. “We had a very prolonged period of easy monetary policy and if you think about it like a patient, central banks viewed the economy as being on life support,” said Brian Levitt, a senior investment strategist with Oppenheimer Funds. “Given where we are now in the economic cycle, with growth generally strong, the global economy does not need to be on life support.”
随着发达国家普遍出现工资和经济增长加快的迹象，投资者正在准备迎接这样一个可能性，即美联储(Federal Reserve)和欧洲央行(ECB)比去年底所预计的更加激进地收紧政策。“我们经历了一段非常长时期的宽松货币政策，如果说你把它想象成一个病人，那么央行把经济视为依靠外力维持生命，”奥本海默基金(Oppenheimer Funds)高级投资策略师布莱恩?莱维特(Brian Levitt)表示。“鉴于我们在经济周期中所处的位置，经济增长普遍强劲，全球经济不需要依靠外力维持生命。”
The Vix index remained above its historic average, trading at 37 late in the US session. The FTSE 100 slid 2.6 per cent while the Euro Stoxx 600 declined 2.4 per cent. Japan’s Nikkei 225 dropped 4.7 per cent while Hong Kong’s Hang Seng tumbled 5.1 per cent.
Vix指数维持在历史平均水平上方，在美国尾盘时段达到37。富时100(FTSE 100)指数下滑2.6%，而Euro Stoxx 600 指数下跌2.4%。日本的日经225(Nikkei 225)指数下跌4.7%，而香港的恒生指数(Hang Seng index)下跌5.1%。
Equity volatility spread to the $14tn US Treasury market, often a haven in market routs. The yield on the two- and 10-year notes both rose 7 basis points, to 2.09 and 2.77 per cent respectively.
Torsten Slok, chief international economist at Deutsche Bank, said: “Markets are coming to the conclusion that the US economy is close to overheating and therefore that the risks of inflation are bigger than the risks of a recession.”
德意志银行(Deutsche Bank)首席国际经济学家托尔斯滕?斯洛科(Torsten Slok)表示：“市场正在得出结论认为，美国经济眼下接近过热，因此通胀风险大于经济衰退风险。”