- 相關(guān)推薦
2016年12月BEC中級(jí)閱讀備考練習(xí)
2016年下半年BEC中級(jí)考試時(shí)間為2016年12月3日，為了幫助大家高效備考，以下是yjbys網(wǎng)小編整理的關(guān)于BEC中級(jí)閱讀備考練習(xí)，供大家備考。
篇一：
全球股市波動(dòng)并非中國(guó)制造
周四再次提醒人們，與通貨緊縮或手機(jī)不同，全球市場(chǎng)的波動(dòng)并非中國(guó)制造。在中國(guó)國(guó)內(nèi)股市暴跌兩天后，平安保險(xiǎn)(Ping An Insurance)股價(jià)在上市首日大漲38%。
Thursday provided another reminder that global market movements - unlike, say, deflation or mobile handsets - are not made in China. Two days after the Chinese domestic equity market fell out of bed, Ping An Insurance shares leapt 38 per cent on their debut.
誠(chéng)然，平安是在全球最大的市場(chǎng)上賣保險(xiǎn)，但僅憑這一點(diǎn)，很難證明其市凈率較全球保險(xiǎn)業(yè)平均水平高出三倍是合理的。實(shí)際上，中國(guó)境外投資者對(duì)平安保險(xiǎn)的估值較其內(nèi)地新股東低28%。許多兩地上市的中國(guó)股票都存在令人瞠目的估值差距。平安保險(xiǎn)最大競(jìng)爭(zhēng)對(duì)手中國(guó)人壽(China Life)香港上市的股價(jià)就較內(nèi)地低40%。匯豐(HSBC)持有平安保險(xiǎn)的部分股權(quán)。
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.
盡管目前以人民幣計(jì)價(jià)的中國(guó)A股市場(chǎng)市值已達(dá)1.4萬億美元，但國(guó)際準(zhǔn)則在這里顯然并不適用。股票交易主要取決于變化無常的市場(chǎng)人氣：以中國(guó)國(guó)航(Air China)為例，由于市場(chǎng)需求不旺，該公司去年夏季被迫削減了首次公開發(fā)行(IPO)規(guī)模。結(jié)構(gòu)性制約因素依然存在。中國(guó)國(guó)內(nèi)投資者的投資渠道非常有限，因此，在市場(chǎng)行情好的時(shí)候，新股發(fā)行基本上可以保證獲得極高的超額認(rèn)購率--還有高股價(jià)和驚人的首日漲幅。自2000年以來，中國(guó)內(nèi)地IPO始終保持著高水平的單日平均回報(bào)率。Dealogic的數(shù)據(jù)顯示，今年迄今為止，中國(guó)內(nèi)地IPO的首日平均漲幅為70%，相比之下，鄰近的香港和日本則分別只有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.
一個(gè)靠人氣推動(dòng)的市場(chǎng)不斷走高似乎是一個(gè)典型的泡沫--即便經(jīng)過周二的大幅回調(diào)，上海A股市場(chǎng)仍高于去年年底的水平，過去12個(gè)月累計(jì)上漲114%。監(jiān)管機(jī)構(gòu)已發(fā)出大量警告，并很可能采取干預(yù)措施。但和泡沫一樣，泡沫的破裂實(shí)質(zhì)上只會(huì)波及國(guó)內(nèi)市場(chǎng)。外國(guó)投資者在中國(guó)A股市場(chǎng)的投資額不足100億美元，僅大致相當(dāng)于一筆中等規(guī)模的私人股本交易。與中國(guó)公司的股價(jià)相比，他們應(yīng)該還有一些更緊迫的事情需要擔(dān)憂。
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.
篇二：
油價(jià)金價(jià)再創(chuàng)新高
在美元再度走軟之際，原油及黃金價(jià)格昨日再創(chuàng)新高，因投資者試圖躲避第二輪信貸動(dòng)蕩的沖擊。
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.
西德克薩斯中質(zhì)原油(West Texas Intermediate)大幅上漲逾3美元，創(chuàng)下每桶97.07美元的名義高點(diǎn)，交易員警告稱，如果本周美國(guó)原油庫存數(shù)據(jù)較上周又有下降，油價(jià)最早可能于今日試探每桶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.
美國(guó)能源情報(bào)署(Energy Information Administration)一份看漲的報(bào)告推動(dòng)了油價(jià)上漲，報(bào)告稱“緊張的基本面因素”將繼續(xù)推高油價(jià)。能源情報(bào)署是美國(guó)能源部(Department of Energy)的統(tǒng)計(jì)機(jī)構(gòu)。
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.
能源情報(bào)署預(yù)測(cè)原油價(jià)格“在未來數(shù)月內(nèi)將超過每桶80美元”，在2008年將維持在每桶75美元以上，因?yàn)?ldquo;全球原油市場(chǎng)可能仍將處于緊張狀態(tài)。”該機(jī)構(gòu)表示，石油輸出國(guó)組織(OPEC，簡(jiǎn)稱歐佩克)需要在目前每日增產(chǎn)50萬桶的基礎(chǔ)上，再增產(chǎn)70萬桶，從而使市場(chǎng)維持平衡狀態(tài)，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.
針對(duì)原油價(jià)格在1年內(nèi)超過每桶100美元的看漲期權(quán)價(jià)格飆升至每桶4.15美元，較10月底上漲近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.
在原油價(jià)格上漲和美元不斷走軟的共同作用下，黃金價(jià)格升至824.3美元/盎司的28年高點(diǎn)，僅略低于1980年1月份850美元/盎司的歷史高點(diǎn)。
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.
貴金屬交易員們表示，投資者在增持黃金——沒有人賣出。Dresdner Kleinwort駐倫敦的貴金屬業(yè)務(wù)主管大衛(wèi)·赫爾姆斯(David Holmes)表示，金價(jià)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”.
瑞銀集團(tuán)(UBS)駐倫敦的貴金屬策略主管約翰?里德(John Reade)將其1個(gè)月期金價(jià)預(yù)測(cè)定為“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.
【12月BEC中級(jí)閱讀備考練習(xí)】相關(guān)文章：
2016年BEC中級(jí)備考：閱讀練習(xí)精選03-12
2016下半年BEC中級(jí)備考閱讀練習(xí)03-04
2017年BEC中級(jí)試題閱讀備考預(yù)測(cè)02-11
備考BEC中級(jí)真題閱讀疑難詞匯01-16