World equity markets began 2006 in bullish mood， while the dollar and Treasury bond yields softened amid expectations that US interest rates could be near to the top of the current cycle.
That view was bolstered yesterday by the release of a mixed December employment report. Non-farm payrolls rose by just 108，000， well below expectations of a 200，000 increase.
不过，11月份新增就业人数从先前报告的21.5万人，向上修正至30.5万人。分析师同时指出，与就业报告同时进行的家庭就业调查结果更为乐观，使失业率从5%降至4.9%. However， November's rise was revised up to 305，000 from the originally reported 215，000. Analysts also pointed out that the household employment survey， conducted in parallel with the payrolls report， was more positive， leading to a decline in the unemployment rate from 5 per cent to 4.9 per cent.
ING Financial Markets 经济学家罗布？卡内尔（Rob Carnell ）表示：“尽管不能把这份就业报告称之为强劲，但该数据绝对不像总体数据所显示得那么疲弱。在我们看来，与当前的市场预期相比，美联储（Fed）在下一轮加息后进一步收紧货币政策的可能性仍较大。”
\"While there is no way this can be described as a strong payrolls report， it is by no means as weak as the headline figure indicates， and in our opinion， there remains a greater chance of further Federal Reserve tightening beyond the next rate hike than markets currently expect，\" said Rob Carnell， economist at ING Financial Markets.
Earlier in the week， the minutes of the Fed's last policy meeting had prompted some commentators to suggest that the expected 25 basis point rate rise at the end of this month could be the last for the time being.
华尔街对就业数据作出了积极的反应。截至当日午盘，道琼斯工业指数较上个交易日收盘上涨0.4%，较此前一周上涨2%. Wall Street responded to the payrolls figures with gusto. By midday， the Dow Jones Industrial Average was up 0.4 per cent on the day and was showing a rise of 2 per cent on the week.
过去4个交易日内，标准普尔500指数上涨2.7%，在4年半高点附近徘徊，而纳斯达克综合指数的涨幅为3.2%. The S& 500 was up2.7 per cent over the past four days and hovering around 4？-year highs， while the Nasdaq Composite was 3.2 per cent stronger.
European markets also had a strong week， with the FTSE Eurofirst 300 index rising 2.4 per cent to a new 4？-year high. In Tokyo， the Nikkei 225 Average built on last year's 40 per cent surge， rising another 2 per cent to its highest level since September 2000.
The growing conviction in the markets that the Fed might be preparing for a pause sent the dollar into a tailspin this week. The euro rose as high as $1.218， a three-month peak， compared with $1.182 at the end of 2005. Against the yen， the dollar tumbled to Y114.5 from Y118.1.
美元兑其它亚洲货币汇率大幅下挫，其中尤以兑韩元和新台币汇率为甚。
The US currency suffered hefty losses against other Asian currencies， notably the South Korean won and the Taiwan dollar.
Treasury bonds were a shade easier after the jobs numbers， but were higher over the week. On Tuesday， the yield on 10-year paper briefly fell below that of two-year notes for the first time since 2000. The speculation about US monetary policy contrasted with market expectations about interest rates in the eurozone， particularly after the release of robust manufacturing data for the region.
\"Strong activity data in recent weeks suggest that the European Central Bank will be in a position to deliver a second 25bp hike later in the first quarter， probably at the March 2 [governing] council meeting，\" said Goldman Sachs.
\"After the first-quarter hike， we expect the ECB to remain on hold for the remainder of 2006. However， the strengthening of domestic demand raises the risk that the ECB will hike by more，\" the investment bank added.
There was plenty of news for the commodity markets to deal with， including the gas dispute between Russia and Ukraine and concerns about the Middle East after Ariel Sharon， Israel's prime minister， suffered a stroke.
UK natural gas prices saw volatile trade as the market took the view that the row between Russia and Ukraine over gas supplies had been resolved for now. Gas prices in the US fell steeply on Thursday after data showed a surprise increase in domestic supplies.
Meanwhile， benchmark Nymex crude oil futures briefly pushed above $64 yesterday， the highest level since October， in spite of forecasts for milder weather in the US.
黄金价格因美元汇率走软而上涨，距去年12月份创下540.90美元的24年半高点仅咫尺之遥。
Gold got a boost from the weaker tone of the dollar， and the precious metal rose to within striking distance of the 24？-year high of $540.90 recorded in December.
全球最大的铜金属生产商智利国有铜公司（Codelco）发生罢工事件，此后铜价再创历史新高。
Copper hit a record high after a strike broke out at Codelco， the world's biggest producer of the metal.
发表于 2006-4-3 19:05:17
500 was up2.7 per cent over the past four days and hovering around 4？-year highs， while the Nasdaq Composite was 3.2 per cent stronger.