<ul>
<li>债券收益率在达到多年高点后回落</li>
</ul>
<ul>
<li>分析师预计高能源价格和通胀将使长期收益率保持在高位</li>
</ul>
<ul>
<li>欧洲央行将加息以控制通胀（更新欧洲晚间交易情况）</li>
</ul>
<p>作者：Samuel Indyk</p>
<p>伦敦，5 月 20 日（路透社）- 周三，欧元区债券的抛售暂停，收益率仍接近前一天因全球央行需要加息以遏制因能源价格上涨引发的通胀而达到的多年高点。周三，随着两艘油轮离开霍尔木兹海峡，债券受到支撑，市场对伊朗战争可能很快解决的希望升温，美国总统唐纳德·特朗普和副总统 JD·范斯谈及和平协议的前景。英国通胀低于预期也缓解了债券市场的一些压力。</p>
<p>德国 10 年期国债收益率，作为欧元区的基准，最后下跌 3 个基点（bps），报 3.16%。周二曾上涨至 3.2%，为 15 年来的最高水平。</p>
<p>长期收益率上升 即使很快达成结束战争的协议，石油和天然气供应仍预计在数月内面临严重干扰，可能会推高通胀并抑制增长。</p>
<p>DZ Bank 分析师雷内·阿尔布雷希特表示：“霍尔木兹海峡封锁造成的短缺将持续一段时间。”</p>
<p>阿尔布雷希特表示，油价高企、通胀上升以及美国经济韧性表明，未来长期利率将会上升。全球各国政府预计将提供财政支持，以减轻高油价的影响，这也可能对收益率曲线的长期端施加压力。德国上个月宣布减税以缓解消费者和企业的压力。</p>
<p>德国 30 年期国债收益率最后下跌 1 个基点，报 3.688%，周二曾上涨至 3.716%，为 2011 年中以来的最高水平。</p>
<p>欧洲央行将加息？市场在战争爆发时迅速调整了对央行的预期。在冲突之前，预计欧洲央行将保持利率不变至 2026 年，但市场现在几乎完全定价在年底前将加息三次。德国两年期国债收益率对短期利率预期变化高度敏感，周三下跌 3 个基点，报 2.714%，仍比 3 月底的高点低约 5 个基点。低于预期的英国通胀在周三提振了市场情绪，尽管前景仍然严峻，因为伊朗战争推高了能源价格。</p>
<p>日本债券收益率周三也略有回落，周二曾上涨至 29 年来的最高点，此次回落是在 20 年期国债成功拍卖后出现的。</p>
<p>DZ Bank 的阿尔布雷希特表示：“今天早上英国的 CPI 数据传来了一些好消息。这对（债券）有帮助。”</p>
<p>英国 10 年期国债收益率下跌 7.5 个基点，报 5.05%，而美国 10 年期国债收益率为 4.65%，在前一天达到 16 个月的最高点。</p>
<p>（报道：Samuel Indyk；编辑：Philippa Fletcher，Elaine Hardcastle）</p>

德国 DAX 指数 ETF - GlobalX

<p>欧元区债券收益率在达到多年高点后暂停，受到中央银行加息以应对高能源价格引发的通胀预期的影响。德国 10 年期国债收益率降至 3.16%，而欧洲央行现在预计在年底前实施三次加息。分析师预测，尽管近期英国通胀数据出现积极发展，但高企的油价和通胀将使长期收益率保持在高位</p>

<p>* Bond yields lower after hitting multi-year peaks</p>
<div class="lb-trans"><ul>
<li>债券收益率在达到多年高点后回落</li>
</ul>
</div><p>* Analysts expect high energy prices and inflation to keep long-end yields elevated</p>
<div class="lb-trans"><ul>
<li>分析师预计高能源价格和通胀将使长期收益率保持在高位</li>
</ul>
</div><p>* ECB set to hike to bring inflation under control (Updates for European late morning trading)</p>
<div class="lb-trans"><ul>
<li>欧洲央行将加息以控制通胀（更新欧洲晚间交易情况）</li>
</ul>
</div><p>By Samuel Indyk</p>
<div class="lb-trans"><p>作者：Samuel Indyk</p>
</div><p>LONDON, May 20 (Reuters) - A selloff in euro zone bonds paused on Wednesday with yields remaining close to the previous day's multi-year highs reached on expectations that global central banks will need to raise rates to tame inflation caused by higher energy prices. Bonds were supported on Wednesday after two oil tankers exited the Strait of Hormuz, lifting hopes that the war in Iran may soon be resolved as U.S. President Donald Trump and Vice President JD Vance talked up the prospects of a peace deal. Cooler-than-forecast British inflation was also alleviating some pressure on bond markets.</p>
<div class="lb-trans"><p>伦敦，5 月 20 日（路透社）- 周三，欧元区债券的抛售暂停，收益率仍接近前一天因全球央行需要加息以遏制因能源价格上涨引发的通胀而达到的多年高点。周三，随着两艘油轮离开霍尔木兹海峡，债券受到支撑，市场对伊朗战争可能很快解决的希望升温，美国总统唐纳德·特朗普和副总统 JD·范斯谈及和平协议的前景。英国通胀低于预期也缓解了债券市场的一些压力。</p>
</div><p>Germany's 10-year yield, the benchmark for the euro zone, was last down 3 basis points (bps) at 3.16%. It rose to 3.2% on Tuesday, its highest level in 15 years.</p>
<div class="lb-trans"><p>德国 10 年期国债收益率，作为欧元区的基准，最后下跌 3 个基点（bps），报 3.16%。周二曾上涨至 3.2%，为 15 年来的最高水平。</p>
</div><p>HIGHER LONG-END YIELDS Even if a deal to end the war is agreed soon, oil and gas supplies are still expected to face severe disruption for months, likely boosting inflation and crimping growth.</p>
<div class="lb-trans"><p>长期收益率上升 即使很快达成结束战争的协议，石油和天然气供应仍预计在数月内面临严重干扰，可能会推高通胀并抑制增长。</p>
</div><p>&#34;The shortcomings resulting from the blockade of the Strait of Hormuz are going to continue for a while,&#34; said DZ Bank analyst René Albrecht.</p>
<div class="lb-trans"><p>DZ Bank 分析师雷内·阿尔布雷希特表示：“霍尔木兹海峡封锁造成的短缺将持续一段时间。”</p>
</div><p>Albrecht said that elevated oil prices, higher inflation and a resilient U.S. economy point towards higher long-end rates going forward. Governments across the globe are expected to provide fiscal support to lessen the impact of higher oil prices, which could also pressure the long end of the curve. Germany last month announced fuel tax cuts to ease pressure on consumers and businesses.</p>
<div class="lb-trans"><p>阿尔布雷希特表示，油价高企、通胀上升以及美国经济韧性表明，未来长期利率将会上升。全球各国政府预计将提供财政支持，以减轻高油价的影响，这也可能对收益率曲线的长期端施加压力。德国上个月宣布减税以缓解消费者和企业的压力。</p>
</div><p>Germany's 30-year yield was last down 1 bp at 3.688%, after rising to 3.716% on Tuesday, its highest level since mid-2011.</p>
<div class="lb-trans"><p>德国 30 年期国债收益率最后下跌 1 个基点，报 3.688%，周二曾上涨至 3.716%，为 2011 年中以来的最高水平。</p>
</div><p>ECB TO HIKE? Markets were quick to shift their expectations for central banks at the outbreak of the war. Prior to the conflict, the European Central Bank was expected to keep interest rates on hold through 2026, but markets are now almost fully pricing in three rate hikes by the end of the year. Germany's two-year yield, which is highly sensitive to changes in near-term interest rate expectations, was down 3 bps on Wednesday at 2.714%, and remains about 5 bps below its late March high. Below-forecast UK inflation was helping the mood on Wednesday, although the outlook still looks tough as the Iran war pushes up energy prices.</p>
<div class="lb-trans"><p>欧洲央行将加息？市场在战争爆发时迅速调整了对央行的预期。在冲突之前，预计欧洲央行将保持利率不变至 2026 年，但市场现在几乎完全定价在年底前将加息三次。德国两年期国债收益率对短期利率预期变化高度敏感，周三下跌 3 个基点，报 2.714%，仍比 3 月底的高点低约 5 个基点。低于预期的英国通胀在周三提振了市场情绪，尽管前景仍然严峻，因为伊朗战争推高了能源价格。</p>
</div><p>Japanese bond yields were also a touch lower on Wednesday - after rising to a 29-year peak on Tuesday - following a solid auction of 20-year bonds.</p>
<div class="lb-trans"><p>日本债券收益率周三也略有回落，周二曾上涨至 29 年来的最高点，此次回落是在 20 年期国债成功拍卖后出现的。</p>
</div><p>&#34;We had some good news out of the UK this morning with the CPI print. That has helped (bonds),&#34; said DZ Bank's Albrecht.</p>
<div class="lb-trans"><p>DZ Bank 的阿尔布雷希特表示：“今天早上英国的 CPI 数据传来了一些好消息。这对（债券）有帮助。”</p>
</div><p>Britain's 10-year gilt yield was down 7.5 bps at 5.05%, while the U.S. 10-year yield was at 4.65%, after hitting a 16-month high the day before.</p>
<div class="lb-trans"><p>英国 10 年期国债收益率下跌 7.5 个基点，报 5.05%，而美国 10 年期国债收益率为 4.65%，在前一天达到 16 个月的最高点。</p>
</div><p>(Reporting by Samuel Indyk; editing by Philippa Fletcher, Elaine Hardcastle)</p>
<div class="lb-trans"><p>（报道：Samuel Indyk；编辑：Philippa Fletcher，Elaine Hardcastle）</p>
</div>

欧元区债券抛售暂时缓和，收益率接近多年高位