The bulls took control of financial markets yesterday as a welter of encouraging manufacturing reports from around the world helped put recent concerns about a double-dip recession on the back burner – for now at least.

昨日看多者掌控了金融市场，因为世界各地鼓舞人心的制造业数据帮助缓解了近期对全球经济将二次探底的担忧——至少是就目前而言。

Waves of buying swept through global equity, commodity and credit markets as government bonds fell out of favour and demand for the safety of the dollar, the yen and the Swiss franc evaporated.

购入热潮席卷了全球股市、大宗商品及信贷市场，同时政府债券失宠，对美元、日元以及瑞士法郎等安全避险资产的需求也消失不见。

“The theme is very much ‘risk on’ and with risk aversion having dominated for large parts of the last couple of weeks, many traders will be feeling hugely relieved,” said James Hughes, analyst at CMC Markets.

“市场的主题是‘继续冒险吧’，过去数周的大部分时间里避险情绪一直占据主导，如今许多交易商会感觉深深舒了一口气，”CMC Markets分析师詹姆斯•休斯(James Hughes)表示。

“However, with so much data due for release over the next few days, it would be a fool who believes the big moves are over and done with for another week.”

“然而，未来几天还将有大量数据发布，因此只有傻瓜才会认为本周不会再出现大幅波动。”

The session kicked off with positive news from the Asia-Pacific region as China’s official purchasing managers’ index pointed to an 18th successive month of manufacturing growth in August, Australian second-quarter GDP growth exceeded expectations and South Korean exports surged last month.

亚太地区的利好消息拉开了交易日的帷幕：中国的官方采购经理人指数(PMI)表明，8月份制造业活动连续18个月实现增长；澳大利亚第二季度国内生产总值(GDP)增长超出预期；韩国出口上个月急速攀升。

Manufacturing data in the UK, Germany and the eurozone as a whole were disappointing – as was the latest report on US private sector employment from ADP Employers’ Services and July construction spending data.

英国、德国以及整个欧元区的制造业数据都令人失望，同样令人失望的还有ADP雇主服务部(ADP Employers’ Services)发布的美国私营部门就业报告以及7月份的建设开支数据。

But the day’s most closely watched release came up trumps as the US Institute for Supply Management’s index of manufacturing activity unexpectedly rose to a three-month high of 56.3 in August from 55.5 in July. Economists had pencilled in a dip to 53.0.

但当日最受关注的数据带来了意料之外的利好消息，美国供应管理学会(Institute for Supply Management)编撰的采购经理人指数出乎意料地从7月份的55.5升至8月份的56.3，创下3个月新高。经济学家此前曾预测该指数会降至53.0。

“Overall, the better than expected ISM report provides support to our view that the [US] economy is working its way through a soft patch rather than plunging towards a double-dip recession,” said Nick Kounis, head of macro research at ABN Amro. Nick Verdi, economist at Barclays Capital, said the key message from yesterday’s global PMIs was one of moderation rather than anything indicative of a hard landing for the sector.

“整体而言，好于预期的ISM报告为我们的观点提供了支撑，即（美国）经济正逐步走出泥潭，而不是陷入双底衰退，”荷兰银行(ABN Amro)宏观研究部主管尼克•寇尼斯(Nick Kounis)表示。巴克莱资本(Barclays Capital)经济学家尼克•维尔第(Nick Verdi)称，昨日全球各地PMI传递出的关键信息是缓和，而没有任何迹象表明制造业将出现硬着陆。

“A recent concern of financial markets has been that a slowdown in activity-based indicators implied that the global economy was headed for a sharp slowdown,” Mr Verdi said. “However, today’s releases are not consistent with that view.”

“最近金融市场一直在担忧，基于经济活动的指标放缓意味着全球经济正朝着急剧衰退前进，”维尔第表示。“然而今天公布的数据与上述观点并不相符。”