the economist整理版(《经济学人》原版英文，有4000词汇即可，练习阅读绝好资料)

DIGESTOFTHEECONOMIST200623MOVINGMARKETSSHIFTSINTRADINGPATTERNSAREMAKINGTECHNOLOGYEVERMOREIMPORTANTANINVESTORPRESSESABUTTON,SENDING1,000SMALL“BUY”ORDERSTOASTOCKEXCHANGETHEEXCHANGESCOMPUTERSYSTEMINSTANTLYKICKSIN,BUTASPLITSECONDLATER,99OFTHEORDERSARECANCELLEDHAVINGFOUNDTHEBESTPRICE,THEINVESTORMAKESHISTRADEDISCREETLY,LEAVINGNOVISIBLETRACEONTHEMARKETALLINLESSTIMETHANITTAKESTOBLINKHISSTEALTHSTRATEGYREMAINSINTACTEVENTSLIKETHISHAPPENMANYTIMESADAY,ASFLOODSOFORDERSFROMACTIVEHEDGEFUNDSAND“ALGORITHMIC”TRADERSWHOUSEAUTOMATEDPROGRAMSTOBUYANDSELLRUSHTHROUGHTHEINFORMATIONTECHNOLOGYSYSTEMSOFTHEWORLDSEXCHANGESTHEAVERAGETRANSACTIONSIZEONLEADINGSTOCKEXCHANGESHASFALLENFROMABOUT2,000SHARESINTHEMID1990STOFEWERTHAN400TODAY,ALTHOUGHTOTALTRADINGVOLUMEHASSOAREDBUTEXCHANGESSYSTEMSHAVETOCOPEWITHMORETHANJUSTAGROWINGONSLAUGHTOF“BUY”AND“SELL”MESSAGESCUSTOMERSWANTTOTRADEINMORECOMPLICATEDWAYS,COMBININGDIFFERENTTYPESOFASSETSONDIFFERENTEXCHANGESATONCETHEN,ASALWAYS,THEREISREGULATIONALLTHISISPUSHINGTECHNOLOGYFURTHERTOTHEFORERECENTEMBARRASSMENTSATTHETOKYOSTOCKEXCHANGEHAVEILLUSTRATEDWHATCANHAPPENWHENSYSTEMSFAILTOKEEPUPWITHTHETIMESINJUSTTHEPASTFEWMONTHS,THEIMPORTANCEOFTECHNOLOGYHASBEENPLAININMERGERSTHOSEOFTHENEWYORKSTOCKEXCHANGEANDARCHIPELAGO,ANDNASDAQANDINETCOLLABORATIONSTHEDECISIONBYTHENEWYORKBOARDOFTRADETOUSETHECHICAGOBOARDOFTRADESTRADINGPLATFORMANDTHECREATIONOFOFFEXCHANGETRADINGNETWORKSINCLUDINGONEUNVEILEDRECENTLYBYCITIGROUPTECHNOLOGYISHARDLYANEWELEMENTINFINANCIALMARKETSTHEADVENTOFELECTRONICTRADINGINTHE1980SFIRSTINEUROPE,LATERINAMERICAHELPEDTOGLOBALISEFINANCIALMARKETSANDDROVEUPTRADINGVOLUMESBUTHAVINGSLOWEDAFTERTHEDOTCOMBUBBLEITISNOWDEMANDINGEVERMOREOFEXCHANGESANDINTERMEDIARIESATTENTIONINVESTORSCANNOWDEALMOREEASILYWITHEXCHANGESOREACHOTHER,BYPASSINGTRADITIONALROUTESASCUSTOMERSDEMANDSANDBARGAININGPOWERHAVEINCREASED,SOTHEEXCHANGESHAVEHADTORAMPUPTHEIROWNSYSTEMS“TECHNOLOGYCREATEDTHEMONSTERTHATHASTOBEADDRESSEDBYMORETECHNOLOGY,”SAYSLESLIESUTPHENOFCALYONFINANCIAL,ABIGFUTURESBROKERAITEGROUP,ARESEARCHFIRM,RECKONSTHATINAMERICAALONETHESECURITIESANDINVESTMENTINDUSTRYSPENT264BILLIONLASTYEARONITSEECHART,ANDMAYSPEND30BILLIONIN2008SELLSIDEFIRMSSPENDMOSTJPMORGANCHASEANDMORGANSTANLEYEACHSPLASHEDOUTMORETHAN2BILLIONIN2004,WHILEASSETMANAGEMENTFIRMSSUCHASSTATESTREETGLOBALADVISORS,BARCLAYSGLOBALINVESTORSANDFIDELITYINVESTMENTSSPENTBETWEEN250MAND350MAPIECEWITHBROKERAGEFEESFORTRADESWHITTLEDDOWN,MANYHAVECONCLUDEDTHATBETTERTECHNOLOGYISONEWAYTOCUTTRADINGCOSTSANDKEEPCUSTOMERSTESTINGALLENGINESGLOBALGROWTHISLOOKINGLESSLOPSIDEDTHANFORMANYYEARSLARRYSUMMERS,ATREASURYSECRETARYUNDERBILLCLINTON,ONCESAIDTHAT“THEWORLDECONOMYISFLYINGONONEENGINE”TODESCRIBEITSEXCESSIVERELIANCEONAMERICANDEMANDNOWGROWTHSEEMSTOBEBECOMINGMOREEVENATLASTEUROPEANDJAPANAREREVVINGUP,ASAREMOSTEMERGINGECONOMIESASARESULT,IFORWHENTHEAMERICANENGINESTALLS,THEGLOBALAEROPLANEWILLNOTNECESSARILYCRASHFORTHETIMEBEING,AMERICASMONETARYPOLICYMAKERSTHINKTHATTHEIRECONOMYISSTILLRUNNINGPRETTYWELLTHISWEEK,ASALANGREENSPANHANDEDOVERTHECHAIRMANSHIPOFTHEFEDERALRESERVETOBENBERNANKE,THEFEDMARKEDTHEENDOFMRGREENSPANS18YEARREIGNBYRAISINGINTERESTRATESFORTHE14THCONSECUTIVEMEETING,TO45THECENTRALBANKERSALSOGAVEMRBERNANKEMOREFLEXIBILITYBYSOFTENINGTHEIRPOLICYSTATEMENTTHEYSAIDTHATFURTHERTIGHTENING“MAYBENEEDED”RATHERTHAN“ISLIKELYTOBENEEDED”,ASBEFOREMOSTANALYSTSEXPECTTHEFEDTORAISERATESONCEORTWICEMORE,ALTHOUGHTHEECONOMYSLOWEDSHARPLYINLATE2005REALGDPGROWTHFELLTOANANNUALRATEOFONLY11INTHEFOURTHQUARTER,THELOWESTFORTHREEYEARSECONOMISTSWEREQUICKTOASCRIBETHISDISAPPOINTINGNUMBERTOSPECIALFACTORS,SUCHASHURRICANEKATRINAANDASTEEPFALLINCARSALESTHECONSEQUENCEOFGENEROUSINCENTIVESTHATHADENCOURAGEDBUYERSTOBRINGPURCHASESFORWARDTOTHETHIRDQUARTERTHECONSENSUSHASITTHATGROWTHWILLBOUNCEBACKTOANANNUALRATEOFOVER4INTHEFIRSTQUARTERANDSTAYSTRONGTHEREAFTERTHISSOUNDSTOOOPTIMISTICAREBOUNDISINDEEDLIKELYINTHISQUARTER,BUTTHERESTOFTHEYEARCOULDPROVEDISAPPOINTING,ASAWEAKENINGHOUSINGMARKETSTARTSTOWEIGHONCONSUMERSPENDINGINDECEMBERSALESOFEXISTINGHOMESFELLMARKEDLYANDTHESTOCKOFUNSOLDHOMESSURGEDECONOMISTSATGOLDMANSACHSCALCULATETHAT,AFTERADJUSTINGFORSEASONALPATTERNS,THEMEDIANHOMEPRICEHASFALLENBYALMOST4SINCEOCTOBEREXPERIENCEFROMBRITAINANDAUSTRALIASHOWSTHATEVENASOFTLANDINGFORHOUSEPRICESCANCAUSEANACUTESLOWDOWNINCONSUMERSPENDINGAMERICANCONSUMERSHAVEBEENTHEMAINENGINENOTJUSTOFTHEIROWNECONOMYBUTOFTHEWHOLEWORLDSIFTHATENGINEFAILS,WILLTHEGLOBALECONOMYNOSEDIVEAFEWYEARSAGO,THEANSWERWOULDPROBABLYHAVEBEENYESBUTTHEGLOBALECONOMYMAYNOWBELESSVULNERABLEATTHEWORLDECONOMICFORUMINDAVOSLASTWEEK,JIMONEILL,THECHIEFECONOMISTATGOLDMANSACHS,ARGUEDCONVINCINGLYTHATASLOWDOWNINAMERICANEEDNOTLEADTOASIGNIFICANTGLOBALLOSSOFPOWERSTARTWITHJAPAN,WHEREINDUSTRIALOUTPUTJUMPEDBYANANNUALRATEOF11INTHEFOURTHQUARTERGOLDMANSACHSHASRAISEDITSGDPGROWTHFORECASTFORTHATQUARTERTHEOFFICIALNUMBERISDUEONFEBRUARY17THTOANANNUALIZED42THATWOULDPUSHYEARONYEARGROWTHTO39,WELLAHEADOFAMERICAS31THEBANKPREDICTSAVERAGEGDPGROWTHINJAPANTHISYEAROF27ITTHINKSSTRONGDEMANDWITHINASIAWILLPARTLYOFFSETANAMERICANSLOWDOWNJAPANSLABOURMARKETISALSOSTRENGTHENINGINDECEMBERTHERATIO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