1.原文連結：
CNBC
http://goo.gl/KpohVA
Morgan Stanley: Tech stocks look 'downright awful' in market getting
increasingly worried about 'unhinged' inflation
大摩: 市場憂無腦通膨, 科技股似糟透惹
Morgan Stanley's Mike Wilson downgraded the technology sector and upgraded the
utilities sector, telling clients it may be time to pivot to defensive names.
大麥(大摩的麥克威爾森)降評科技股, 升評公用事業股, 提醒客戶拔草測風向,
快速轉向防禦性類股
"Technology does not look very good. In fact, it looks downright awful," wrote
Mike Wilson, chief investment officer at Morgan Stanley.
大麥: 科技股爛到笑
Stocks are in the middle of a sizable sell-off with the Dow Jones industrial
average falling more than 450 points at its lows on Monday.
DJ崩 大拋售
2.原文內容：
Don't expect stocks to rebound if inflation anxiety continues, according to
Morgan Stanley.
大摩: 憂通膨, 別想彈
With price fears egging on Treasury rates, equities could be in for a
disappointing few months as investors move away from a "buy-the-dip"
mentality.
抄底味濃, 公債恐低迷數月
"When inflation is very low, rising inflation has a positive impact on equity
valuations," wrote Mike Wilson, chief investment officer at Morgan Stanley.
But "rising inflation expectation may no longer be a positive for stocks,
especially if markets start to think inflation is coming 'unhinged.'"
大麥: 低通膨狀態調高有利股權估值, 但若市場認為通膨已太無腦,
調高預期通膨率未必有利股價
Stocks are in the middle of a sizable sell-off with the Dow Jones industrial
average falling more than 450 points Monday, adding to a 3.5 percent decline
the previous week. The S&P 500 fell 1.6 percent on the week's first day of
trade, as the Cboe volatility index (VIX) — considered the market's best
fear gauge — hit multi-year highs.
大賣崩中, VIX 恐慌指數創高
Morgan Stanley says tech stocks look 'downright awful' Morgan Stanley says
tech stocks look 'downright awful'
6 Hours Ago | 00:37
Don't expect stocks to rebound if inflation anxiety continues, according to
Morgan Stanley.
大摩: 科技股爛到笑, 通膨憂慮一日不除, 股價一日不彈
Many strategists have hypothesized that the sell-off is the result of several
months of uninterrupted gains for equity markets, a correction to overpriced
stocks and inflated assets. And with the yield on the 10-year Treasury note
climbing roughly 40 basis points since the start of the year, investors may
be in for a bumpy ride.
眾策略分析師估測這次大賣崩是修正資本市場(股市)數月噴噴爽的膨風股跟膨風資產
美10年期公債殖利率噴噴, 投資者看崩
For his part, Wilson is the single most bearish strategist on Wall Street,
with a year-end S&P 500 target of 2,750, just 1 percent above its current
level. He believes it may be time to shift equity exposure toward defensive
stocks and away from cyclical sectors like technology.
大麥是街上最熊(悲觀)的策略分析師, 認為該轉移至防禦性類股, 遠離景氣循環(科技)股
Cyclical stock performance tends to follow the health of the overall economy,
while defensive stock performance is generally resistant to external
pressures.
景氣循環股仰賴整體經濟狀況, 防禦性類股抗壓
"Technology does not look very good. In fact, it looks downright awful,"
Wilson warned in his Monday note. "We noticed the bond proxies —Telecom,
Utilities and Staples