经贸英语阅读教程Text5(3)

1、Text 5 Stocks and the Economy, Singing Different TunesI. Related Words and Expressions financial market stock market the Standard & Poors 500-stock index market returns portfolio asset bull market dividend interest II. Notes to the Text 1. Stocks (1) 现货、存货 We usually keep a large stock of the goods.

2、 我们通常储存大量货物。 We can supply tea from stock. 我们可以现货供应茶叶。 Walnut meat is out of stock. 核桃仁没有现货了。 take stock 盘点(2) 表示“股票”时多用其复数形式，在这一点上，其意思与“share”相似（share做“股票”时主要用于英国）。 growth stocks/shares 成长股 preferred stocks 优先股 income stocks/shares 收益股 speculative stocks/shares 投机股 mature stocks/shares 成熟股 “glamour

3、” stocks/shares 热门股 performance stocks/shares 表现股（又称concept stocks/shares 概念股）(3) stock market股票市场 A stock market or equity market is a public entity (a loose network of economic transactions, not a physical facility or discrete entity) for the trading of company stock (shares) and derivatives at an

4、 agreed price; these are securities listed on a stock exchange as well as those only traded privately. The size of the world stock market was estimated at about $36.6 trillion at the beginning of October 2008. The total world derivatives market has been estimated at about $791 trillion face or nomin

5、al value, 11 times the size of the entire world economy. The value of the derivatives market, because it is stated in terms of notional values, cannot be directly compared to a stock or a fixed income security, which traditionally refers to an actual value. Moreover, the vast majority of derivatives

6、 cancel each other out (i.e., a derivative bet on an event occurring is offset by a comparable derivative bet on the event not occurring). Many such relatively illiquid securities are valued as marked to model, rather than an actual market price. The stocks are listed and traded on stock exchanges w

7、hich are entities of a corporation or mutual organization specialized in the business of bringing buyers and sellers of the organizations to a listing of stocks and securities together. The largest stock market in the United States, by market capitalization, is the New York Stock Exchange (NYSE).2.

8、the financial market 金融市场 A financial market is a market in which people and entities can trade financial securities, commodities, and other fungible items of value at low transaction costs and at prices that reflect supply and demand. Securities include stocks and bonds, and commodities include pre

9、cious metals or agricultural goods. The financial markets can be divided into different subtypes: (1) Capital markets which consist of : Stock markets, which provide financing through the issuance of shares or common stock, and enable the subsequent trading thereof. Bond markets, which provide finan

10、cing through the issuance of bonds, and enable the subsequent trading thereof.(2) Commodity markets, which facilitate the trading of commodities.(3) Money markets, which provide short term debt financing and investment.(4) Derivatives markets, which provide instruments for the management of financia

11、l risk.(5) Futures markets, which provide standardized forward contracts for trading products at some future date.(6) Insurance markets, which facilitate the redistribution of various risks.(7) Foreign exchange markets, which facilitate the trading of foreign exchange. 3. “market”一词在经贸类文章中使用非常广泛：(1)

12、 形容“market”的词汇：表示市场状况良好的词汇有：active, brisk, firm, good, growing, improving, healthy, lively, ready, rising, strong, bullish, stiff;表示市场状况欠佳的词汇有：weak, dull, flat, glutted, inactive, overstocked, uncertain, unstable,.(2) “market”常用词组： buyers market 买方市场（有利于购买者的行情，相反为卖方市场） black market 黑市 labor market 劳

13、动力市场 flea market 跳蚤市场(3) “market”常用短语 at the market （主要为交易所用语）照市价；照当前最好的行情 in the market (for) 想买进某物 out of the market 与市场不相符(4) marketable adj. 可出售的、适合在市场销售的；有销路的、畅销的(5) marketing n. 交易、买卖；销售、经销；上市商品；购买；销售学4. the Standard & Poors 500 stock index 标准普尔500种股票指数 The Standard & Poors 500 stock index ( a

14、s S&P 500), is a free float capitalization weighted index published since 1957 of the prices of 500 large cap common stocks actively traded in the United States. The stocks included are those of large publicly held companies that trade on either of the two largest American stock market exchanges: th

15、e New York Stock Exchange and the NASDAQ（纳斯达克）. The index focus is U.S. based companies although there are a few companies with headquarters in and /or incorporated in other countries. The S&P 500 is one of the most commonly followed equity indices, is considered a bellwether for the American econom

16、y.5. the gross domestic product 国内生产总值 GDP provides estimates of the total value of sales of final goods and services for a given country. Because sales of goods and services constitute income to those selling these products, GDP can also be thought of as indicators of total national income. GDP per

17、 head （人均GDP），is a crude measure of the standard of living in a country. It is obtained by the ratio of that countrys GDP to its population. This measure is also known as the countrys income per capita or per capita GDP. In essence, it tells us how much each resident of a country would have if the v

18、alue of a countrys production were equally divided among all members of society. By this standard, some countries are low or middle income (even though some residents may be rich) while other countries are high income (even though some residents may be poor). Real GDP （实际GDP），is calculated by tracki

19、ng the volume or quantity of production after removing the influence of changing prices or inflation. In comparison, nominal GDP measures the GDP for a particular year using the actual market prices of that year.6. Wall Street 华尔街 Wall Street refers to the financial district of New York City, named

20、after and centered on the eight block long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole or signifying New York based financial interests. It is the home of the New

21、 York Stock Exchange, the worlds largest stock exchange by market capitalization of its listed companies. Several other major exchanges have or had headquarters in the Wall Street area, including NASDAQ, the New York Mercantile Exchange, the New York Board of Trade, and the former American Stock Exc

22、hange. Anchored by Wall Street, New York City is one of the worlds principal financial centers.7. the risk in your portfolio 投资组合中的风险 The riskiness of a portfolio, which consists of diversified assets, depends crucially on the correlation coefficients between movements in the returns on the assets.

23、Take the simple two-(risky) asset model as example. It means that, if the correlation coefficient is negative, risk may be completely eliminated by holding a specific proportion of initial wealth in both assets. Even if the correlation coefficient is positive, the riskiness of the overall portfolio

24、could be reduced by diversification. It follows from this analysis that an individual asset may be highly risky, but portfolio risk can be diversified when the two assets returns are perfectly negatively correlated. 8. a “secular bear” 长期熊市 A market trend is a putative tendency of a financial market

25、 to move in a particular direction over time. These trends are classified as secular for long time frames, primary for medium time frames, and secondary for short time frames. Traders identify market trends using technical analysis, a framework which characterizes market trends as predictable price

26、tendencies within the market when price reaches support and resistance levels, varying over time. The terms bull market (牛市) and bear market describe upward and downward market trends respectively, and can be used to describe either the market as a whole or specific sectors and securities.9. cyclica

27、l bull market 周期性牛市 It refers to some relatively small rallies during a secular market trend. There interruptions do not any damage to the secular trend. A cyclical bull market that takes place during a secular bear market tends to be shallower and shorter than cyclical bear markets that take place

28、during a secular bear market.10.Monetary Policy Monetary policy is the process by which the government, central bank, or monetary authority of a country controls (i) the supply of money, (ii) availability of money, and (iii) cost of money or rate of interest to attain a set of objectives oriented towards the growth and stability of the economy. Monetary theory provides insight into how to craft optimal monetary policy. Monetary policy rests on the relationship between the rates of interest in an economy, that is the price at which money can be borrowed, and the total supply of money. Mon