The markets
金融市場
Sentimental journey
感性之旅
Investors are feeling a bit more chipper
投資者情緒略有好轉
IT HAS BEEN a year of mood swings in financial markets. In the spring and summer, anxious investors piled into the safety of government bonds, driving yields down sharply. Yields have recovered in recent weeks (see chart 1). This is not the only sign that investor sentiment has improved.今年是金融市場情緒波動的一年。春夏兩季，焦慮的投資者蜂擁購入安全性高的政府債券，導致收益率驟降。最近幾周收益率有所回升（見圖表1）。這是投資者情緒開始好轉的跡象之一。
In general, safe assets have been sold in favour of cyclical ones. The Australian dollar, a cyclical currency, is up against the yen, a haven for the fearful. Something similar is happening in commodity markets, where the price of copper, a barometer of global industry, has risen against the price of gold (see chart 2).一般來說，出售安全資產是為了投資週期性資產。週期性貨幣澳元對避險貨幣日元匯率走強。大宗商品市場也出現了類似的情況，作為全球工業晴雨表的銅價相比金價走勢更強勁（見圖表2）。
Equity prices in America have reached a new peak. But what is more striking is the performance of cyclical stocks relative to defensive ones. Within America’s market the prices of industrial stocks, which do well in business-cycle upswings, have risen relative to the prices of utility stocks, a safer bet in hard times. In Europe the stocks of financial firms, the fortunes of which are tied to the business cycle, have risen relative to those of firms that make consumer staples—food, beverages, household goods and so on—which are more resilient in bad times (see chart 3).美國的股價創歷史新高。但更引人注目的是週期性股票相對於防禦性股票的表現。在美國金融市場，相比在經濟困難時期表現更穩健的公用事業股票，在經濟週期上升階段表現良好的工業股票價格已經上揚。在歐洲，相比在經濟不景氣時更具韌性的消費必需品（食品、飲料、家居用品等）股票，業績與經濟週期息息相關的金融公司的股票上漲了（見圖表3）。
Investors have also begun to embrace assets at the riskier end of the spectrum. A host of emerging-market currencies have gained against the dollar since the start of October (see chart 4).投資者也開始接受風險更高的資產。自10月初以來，多種新興市場貨幣兌美元的匯率上升（見圖表4）。
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