Equity markets are off to a strong start, especially outside the US. This is in large part thanks to the market’s belief that bad news begets good news. Bad news is met with central bank policy easing, which keeps the asset reflation carousel going round. This is happening across Europe, Japan and China.
股票市場今年的開局很不錯，尤其是美國以外的市場。部分原因在于，市場相信壞消息會引發好消息。對于壞消息，央行用放松貨幣政策來應對，這讓資產再膨脹的螺旋保持著轉動。這就是歐洲、日本和中國正在上演的情形。
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