2016年11月BEC初级阅读素材
2016年下半年BEC初级考试时间为11月26日，所剩备考时间不多了，以下是yjbys网小编整理的关于BEC初级阅读素材，供大家备考。
BEC初级阅读：全球股市波动并非中国制造
诚然，平安是在全球最大的市场上卖保险，但仅凭这一点，很难证明其市净率较全球保险业平均水平高出三倍是合理的。实际上，中国境外投资者对平安保险的估值较其内地新股东低28%。许多两地上市的中国股票都存在令人瞠目的估值差距。平安保险最大竞争对手中国人寿(China Life)香港上市的股价就较内地低40%。汇丰(HSBC)持有平安保险的部分股权。
Sure, Ping An sells insurance in the world's biggest market, but that alone hardly justifies a price-to-book multiple that is four times the industry's global average. Indeed, investors outside China value shares in Ping An, which is partly owned by HSBC, at a 28 per cent discount to the new mainland shareholders. Yawning valuation gaps exist among many of China's dual-listed stocks. China Life, Ping An's bigger rival, is 40 per cent cheaper across the border in Hong Kong.
尽管目前以人民币计价的中国A股市场市值已达1.4万亿美元，但国际准则在这里显然并不适用。股票交易主要取决于变化无常的市场人气：以中国国航(Air China)为例，由于市场需求不旺，该公司去年夏季被迫削减了首次公开发行(IPO)规模。结构性制约因素依然存在。中国国内投资者的投资渠道非常有限，因此，在市场行情好的时候，新股发行基本上可以保证获得极高的超额认购率--还有高股价和惊人的首日涨幅。自2000年以来，中国内地IPO始终保持着高水平的单日平均回报率。Dealogic的数据显示，今年迄今为止，中国内地IPO的.首日平均涨幅为70%，相比之下，邻近的香港和日本则分别只有22%和44%。
International norms clearly do not apply, even though China's domestic-currency "A" share market now has a capitalisation of US$1,400bn. Stocks trade largely on sentiment, which can turn on a dime: witness Air China, which was forced to scale back its IPO last summer due to tepid demand. Structural constraints persist. Domestic investors have few investment options, so in good times huge over-subscription rates are more or less guaranteed - along with top-dollar prices and impressive first-day pops. Since the start of the decade, Chinese IPOs have consistently produced high average one-day returns. So far this year the average pop is 70 per cent, compared with 22 per cent in neighbouring Hong Kong and 44 per cent in Japan, according to Dealogic.
一个靠人气推动的市场不断走高似乎是一个典型的泡沫--即便经过周二的大幅回调，上海A股市场仍高于去年年底的水平，过去12个月累计上涨114%。监管机构已发出大量警告，并很可能采取干预措施。但和泡沫一样，泡沫的破裂实质上只会波及国内市场。外国投资者在中国A股市场的投资额不足100亿美元，仅大致相当于一笔中等规模的私人股本交易。与中国公司的股价相比，他们应该还有一些更紧迫的事情需要担忧。
A sentiment-driven market spiralling higher - even after Tuesday's correction, the Shanghai "A" share market is in positive territory this year and up 114 per cent in the past 12 months - looks like a classic bubble. Regulators have warned as much, and may well intervene. But the bursting, like the bubble, will be essentially domestic. Foreigners have less than $10bn in the market, or about the same as in a mid-sized private equity deal, and should have more pressing things to fret about than Chinese share prices.
BEC初级阅读：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.
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