<ul>
<li>債券收益率在達到多年高點後回落</li>
</ul>
<ul>
<li>分析師預計高能源價格和通脹將使長期收益率保持在高位</li>
</ul>
<ul>
<li>歐洲央行將加息以控制通脹（更新歐洲晚間交易情況）</li>
</ul>
<p>作者：Samuel Indyk</p>
<p>倫敦，5 月 20 日（路透社）- 週三，歐元區債券的拋售暫停，收益率仍接近前一天因全球央行需要加息以遏制因能源價格上漲引發的通脹而達到的多年高點。週三，隨着兩艘油輪離開霍爾木茲海峽，債券受到支撐，市場對伊朗戰爭可能很快解決的希望升温，美國總統唐納德·特朗普和副總統 JD·範斯談及和平協議的前景。英國通脹低於預期也緩解了債券市場的一些壓力。</p>
<p>德國 10 年期國債收益率，作為歐元區的基準，最後下跌 3 個基點（bps），報 3.16%。週二曾上漲至 3.2%，為 15 年來的最高水平。</p>
<p>長期收益率上升 即使很快達成結束戰爭的協議，石油和天然氣供應仍預計在數月內面臨嚴重干擾，可能會推高通脹並抑制增長。</p>
<p>DZ Bank 分析師雷內·阿爾布雷希特表示：“霍爾木茲海峽封鎖造成的短缺將持續一段時間。”</p>
<p>阿爾布雷希特表示，油價高企、通脹上升以及美國經濟韌性表明，未來長期利率將會上升。全球各國政府預計將提供財政支持，以減輕高油價的影響，這也可能對收益率曲線的長期端施加壓力。德國上個月宣佈減税以緩解消費者和企業的壓力。</p>
<p>德國 30 年期國債收益率最後下跌 1 個基點，報 3.688%，週二曾上漲至 3.716%，為 2011 年中以來的最高水平。</p>
<p>歐洲央行將加息？市場在戰爭爆發時迅速調整了對央行的預期。在衝突之前，預計歐洲央行將保持利率不變至 2026 年，但市場現在幾乎完全定價在年底前將加息三次。德國兩年期國債收益率對短期利率預期變化高度敏感，週三下跌 3 個基點，報 2.714%，仍比 3 月底的高點低約 5 個基點。低於預期的英國通脹在週三提振了市場情緒，儘管前景仍然嚴峻，因為伊朗戰爭推高了能源價格。</p>
<p>日本債券收益率週三也略有回落，週二曾上漲至 29 年來的最高點，此次回落是在 20 年期國債成功拍賣後出現的。</p>
<p>DZ Bank 的阿爾布雷希特表示：“今天早上英國的 CPI 數據傳來了一些好消息。這對（債券）有幫助。”</p>
<p>英國 10 年期國債收益率下跌 7.5 個基點，報 5.05%，而美國 10 年期國債收益率為 4.65%，在前一天達到 16 個月的最高點。</p>
<p>（報道：Samuel Indyk；編輯：Philippa Fletcher，Elaine Hardcastle）</p>

德國 DAX 指數 ETF - GlobalX

<p>歐元區債券收益率在達到多年高點後暫停，受到中央銀行加息以應對高能源價格引發的通脹預期的影響。德國 10 年期國債收益率降至 3.16%，而歐洲央行現在預計在年底前實施三次加息。分析師預測，儘管近期英國通脹數據出現積極發展，但高企的油價和通脹將使長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>債券收益率在達到多年高點後回落</li>
</ul>
</div><p>* Analysts expect high energy prices and inflation to keep long-end yields elevated</p>
<div class="lb-trans"><ul>
<li>分析師預計高能源價格和通脹將使長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>歐洲央行將加息以控制通脹（更新歐洲晚間交易情況）</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>倫敦，5 月 20 日（路透社）- 週三，歐元區債券的拋售暫停，收益率仍接近前一天因全球央行需要加息以遏制因能源價格上漲引發的通脹而達到的多年高點。週三，隨着兩艘油輪離開霍爾木茲海峽，債券受到支撐，市場對伊朗戰爭可能很快解決的希望升温，美國總統唐納德·特朗普和副總統 JD·範斯談及和平協議的前景。英國通脹低於預期也緩解了債券市場的一些壓力。</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>德國 10 年期國債收益率，作為歐元區的基準，最後下跌 3 個基點（bps），報 3.16%。週二曾上漲至 3.2%，為 15 年來的最高水平。</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>長期收益率上升 即使很快達成結束戰爭的協議，石油和天然氣供應仍預計在數月內面臨嚴重干擾，可能會推高通脹並抑制增長。</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 分析師雷內·阿爾布雷希特表示：“霍爾木茲海峽封鎖造成的短缺將持續一段時間。”</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>阿爾布雷希特表示，油價高企、通脹上升以及美國經濟韌性表明，未來長期利率將會上升。全球各國政府預計將提供財政支持，以減輕高油價的影響，這也可能對收益率曲線的長期端施加壓力。德國上個月宣佈減税以緩解消費者和企業的壓力。</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>德國 30 年期國債收益率最後下跌 1 個基點，報 3.688%，週二曾上漲至 3.716%，為 2011 年中以來的最高水平。</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>歐洲央行將加息？市場在戰爭爆發時迅速調整了對央行的預期。在衝突之前，預計歐洲央行將保持利率不變至 2026 年，但市場現在幾乎完全定價在年底前將加息三次。德國兩年期國債收益率對短期利率預期變化高度敏感，週三下跌 3 個基點，報 2.714%，仍比 3 月底的高點低約 5 個基點。低於預期的英國通脹在週三提振了市場情緒，儘管前景仍然嚴峻，因為伊朗戰爭推高了能源價格。</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>日本債券收益率週三也略有回落，週二曾上漲至 29 年來的最高點，此次回落是在 20 年期國債成功拍賣後出現的。</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 的阿爾布雷希特表示：“今天早上英國的 CPI 數據傳來了一些好消息。這對（債券）有幫助。”</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>英國 10 年期國債收益率下跌 7.5 個基點，報 5.05%，而美國 10 年期國債收益率為 4.65%，在前一天達到 16 個月的最高點。</p>
</div><p>(Reporting by Samuel Indyk; editing by Philippa Fletcher, Elaine Hardcastle)</p>
<div class="lb-trans"><p>（報道：Samuel Indyk；編輯：Philippa Fletcher，Elaine Hardcastle）</p>
</div>

歐元區債券拋售暫時緩和，收益率接近多年高位