The markets are definitely showing an air of (relative) calm so far on Tuesday.
市场在周二的表现无疑显示出一种(相对)平静的气氛。
In Europe, the STOXX 600 is up 1.5%, which would normally catch the attention of even the most laid-back market watcher.
在欧洲,斯托克 600 指数上涨 1.5%,这通常会引起即使是最悠闲的市场观察者的注意。
But, given the index has just lost 10% in a week, in one of the most aggressive selloffs on record, Tuesday's rally looks a bit like a drop in the ocean.
但鉴于该指数在一周内下跌了 10%,创下了有记录以来最激烈的抛售之一,周二的反弹看起来有点像杯水车薪。
Monday's whipsaw action in stocks and bonds seems to have died down for now, leaving investors to tiptoe back into those areas of the market that have been worst hurt by the tariff-related rout.
股市和债市周一的剧烈波动似乎暂时平息,投资者开始小心翼翼地回到那些受关税相关暴跌打击最严重的市场领域。
The safe-havens of the currency market - the Japanese yen and the Swiss franc - are firmer.
货币市场的避险天堂——日元和瑞士法郎——走势坚挺。
But so are a raft of other currencies, including the euro, pound and Australian dollar.
但包括欧元、英镑和澳元在内的其他一系列货币也是如此。
Gold has found its feet above $3,000 an ounce again, while crude has stabilised around $65 a barrel.
黄金价格再次站稳在每盎司 3000 美元以上,而原油价格则稳定在每桶 65 美元左右。
But this may be a case of "buyer beware", according to prominent hedge fund founder Boaz Weinstein.
但根据著名对冲基金创始人博阿兹·温斯坦的说法,这可能是一个“买者自负”的案例。
On Monday he told Bloomberg "the avalanche has only really just started" and rather than buying the dip, investors should consider selling it.
周一,他告诉彭博社,“雪崩实际上才刚刚开始”,投资者不应逢低买入,而应考虑卖出。
No market falls uninterruptedly, so to see a bounce is not a surprise. Stocks rally even in a market that is trending lower.
没有哪个市场会不间断地下跌,所以看到反弹并不奇怪。即使在趋势向下的市场中,股票也会上涨。
Yet bear market bounces can be treacherous. Trading conditions are often super-volatile and liquidity is often thin, meaning all it can take is one headline that the market doesn't like and everything unravels.
然而,熊市反弹可能暗藏危机。交易环境通常极不稳定,流动性往往不足,这意味着只需要一个市场不喜欢的消息,一切就会崩溃。