欧债涨势在第二季度戛然而止
关键词：欧债涨势在第二季度戛然而止
据华尔街日报报道，今年早些时候，受欧洲央行的债券购买计划影响，欧元区的政府债收益率降至纪录低位。不过投资者称，那之后出现的大规模债市抛售潮表明，这一刺激计划正在发挥作用。
对欧元区债市而言，第二季度是个残酷的时期，因为自2013年底以来几乎未曾中断的涨势在这个季度戛然而止。10年期德国国债收益率4月中旬曾触及0.05%的纪录低位，6月份时，其收益率已突破1%。
德国国债收益率的剧烈波动传导至整个市场，欧元区甚至以外地区的债市与股市均受到波及。德国国债收益率之所以重要，是由于它被视为欧元区内一种无风险收益率，同时它也被用来为其他金融资产定价。
投资者认为，收益率下跌幅度过大、且速度过快是导致此轮债市迅速反转的原因。今年一季度时，许多基金经理曾认为欧洲央行600亿欧元（约合681.8亿美元）的月度债券购买计划会很难找到足够数量的债券购买对象。该计划从3月初开始实施。
但对于欧元区经济正加速摆脱长期衰退的种种迹象，投资者表示认可，于是他们开始加速抛售债券。5月份物价指数六个月来首度上升，从而使欧元区将陷入通缩循环的忧虑情绪得到缓解。随着通胀抬头，投资者感到债券价格不得不下跌。
本文来源： 大田环球贵金属
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