2017年托业英语考试阅读复习材料
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task 1
油价金价再创新高
在美元再度走软之际，原油及黄金价格昨日再创新高，因投资者试图躲避第二轮信贷动荡的冲击。
Crude oil and gold prices surged to fresh highs yesterday amid renewed dollar weakness as investors sought refuge from a second wave of credit turmoil.
西德克萨斯中质原油(West Texas Intermediate)大幅上涨逾3美元，创下每桶97.07美元的名义高点，交易员警告称，如果本周美国原油库存数据较上周又有下降，油价最早可能于今日试探每桶100美元的水平。
West Texas Intermediate jumped more than $3 to a nominal record of $97.07 a barrel and traders warned it might test the $100-a-barrel level as soon as today if US crude oil inventories show another weekly decline.
美国能源情报署(Energy Information Administration)一份看涨的报告推动了油价上涨，报告称“紧张的基本面因素”将继续推高油价。能源情报署是美国能源部(Department of Energy)的统计机构。
The price jump was helped by a bullish report from the Energy Information Administration, the statistical arm of the US Energy Department, warning that “tight fundamentals” would continue to push up oil prices.
能源情报署预测原油价格“在未来数月内将超过每桶80美元”，在2008年将维持在每桶75美元以上，因为“全球原油市场可能仍将处于紧张状态。”该机构表示，石油输出国组织(OPEC，简称欧佩克)需要在目前每日增产50万桶的基础上，再增产70万桶，从而使市场维持平衡状态，直到明年第一季度。
The EIA forecast that crude oil prices would “exceed $80 per barrel over the next several months” and trade above $75 a barrel in 2008 as “global oil markets will likely remain stretched.” It said the Organisation of the Petroleum Exporting Countries would need to add another 700,000 barrels a day on top of its current production increase of 500,000 b/d to balance the market through the first quarter of 2008.
针对原油价格在1年内超过每桶100美元的看涨期权价格飙升至每桶4.15美元，较10月底上涨近70%。
The cost of using options contracts to insure against crude oil trading at $100 in a year’s time surged to $4.15 per barrel, up almost 70 per cent since the end of October.
在原油价格上涨和美元不断走软的共同作用下，黄金价格升至824.3美元/盎司的28年高点，仅略低于1980年1月份850美元/盎司的历史高点。
The combination of strong crude oil prices and a weakening dollar boosted gold prices to a fresh 28-year high of $824.3 an ounce, just below its all-time high of $850 reached in January 1980.
贵金属交易员们表示，投资者在增持黄金——没有人卖出。Dresdner Kleinwort驻伦敦的贵金属业务主管大卫·赫尔姆斯(David Holmes)表示，金价升至每盎司850美元的“可能性很大。”
Precious metals traders said investors were adding to their gold positions – no one was selling. David Holmes, head of precious metals at Dresdner Kleinwort in London, said a rise to $850 was “very much on the cards”.
瑞银集团(UBS)驻伦敦的贵金属策略主管约翰?里德(John Reade)将其1个月期金价预测定为“不可避免的”每盎司850美元。
John Reade, head of metals strategy at UBS in London, upgraded its one-month gold forecast to an “inevitable” $850 an ounce.
task 2
投行的快乐和苦恼
并非所有地方的投行环境都是那么令人生畏——至少在东方不是。汤姆森金融(Thomson Financial)称，今年到目前为止，亚太地区(日本除外)的交易规模比去年同期增长了40%。市场的.复苏令证券交易业务大获其利。第三季度，在全球其它市场局面相当糟糕的情况下，花旗集团(Citigroup)在亚太地区赚取了11亿美元的净利润，仅略少于2002年全年的贡献。美国银行(Bank of America)持有的中国建设银行(CCB)股份在第三季度增值达42亿美元。虽然人们感觉不到，但这一收益在规模上要远远大于同一季度14.6亿美元的交易损失。
It’s not all grim in investment banking ? at least not out east. Asia Pacific ex-Japan deal sizes are up 40 per cent year-to-date, according to Thomson Financial. Resurgent markets are benefiting securities trading. In an otherwise ugly third quarter, Citigroup generated net earnings of $1.1bn in the region ? not far short of the entire 2002 contribution. Bank of America’s stake in China Construction Bank was worth an extra $4.2bn over the course of the third quarter. That dwarfs the $1.46bn of trading losses racked up in the same quarter, in magnitude if not perception.
即便在全球情况普遍不错的时候，亚洲业务的盈利表现也更胜一筹。以高盛(Goldman Sachs)为例，该银行去年的税前收益有28%来自亚洲，相比之下只有21%来自欧洲。这一增长部分源自中国规模巨大的私有化交易。不过，该行一些最大的客户也来自亚洲：国家支持的投资机构，如活跃在全球舞台上的新加坡政府投资公司(GIC)和淡马锡(Temasek)。亚洲中产阶级的崛起，意味着即使那些传统上专注于批发服务的银行也在增加人手。苏格兰皇家银行(Royal Bank of Scotland)计划，到2010年，其收入的10%来自亚洲。
Even when times are universally good, Asia punches above its weight in terms of profitability. Take Goldman Sachs, which last year derived 28 per cent of pre-tax earnings from Asia compared with just 21 per cent in Europe. Part of the growth is due to China’s mega-privatisations. But Asia is also home to some of the bank’s biggest-spending clients: state-backed investment agencies such as Singapore’s GIC and Temasek, which are active on the global stage. The emergence of Asian middle classes means even banks traditionally focused on wholesale services are beefing up. Royal Bank of Scotland is targeting 10 per cent of revenues from Asia by 2010.
越来越依赖亚洲并非没有风险——在1997至1998年的金融危机和随后的非典危机中见证了市场崩溃的人可以证实这一点。中国的股票发行更多的是选择在上海进行，而不是自由开放的香港——在上海，只有很少几家国际承销商和交易商得到了牌照。亚洲的政策制定者可以破坏有利可图的业务：例如，印度政府上周就宣布限制参与凭证(participatory note)的使用。但是，亚洲狂欢年的真正麻烦在于，奖金池是全球性的。亚洲的IPO从业人员已经开始抱怨，西方机构分得的蛋糕太大了。
A growing dependence on Asia is not without risks ? as those who watched markets flounder during the financial crisis of 1997-98 and the subsequent Sars virus could testify. More Chinese equity offerings are taking place in Shanghai, where only a handful of international underwriters and traders are licensed, rather than in free-for-all Hong Kong. Regional policy makers can pull the rug from under lucrative business lines, as seen last week when India restricted the use of participatory notes.
But the real downside to a cracking year in Asia is that bonus pools are global. Asian IPO toilers are starting to moanthat too big a share of the spoils ends up in pockets back west.
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