自学园地,UCP600,英文阅读

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“There is certainly a liquidity crisis in the financial system that the normal players themselves are having a little bit of difficulty working out,” said Jane L. Caron, chief economic strategist at Dwight Asset Management, a bond firm in Burlington, Vt.

But the European bank’s extraordinary response — its first since Sept. 12, 2001, the day after the terrorist attacks in New York and Washington — deepened investors’ anxiety.

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“The E.C.B. ignited a fear that there is something really bad going on that the markets don’t yet know about,” said Jacob de Tusch-Lec, a fund manager at Artemis Investment Management in London. “It will take time until investors are sure that this is not the case.”

In Washington, there were calls for a more direct effort to support the housing market. Democrats argued that the administration should raise limits on the investment activities of Fannie Mae and Freddie Mac, the big purchasers of mortgages created by the federal government.

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Daniel H. Mudd, the chief executive at Fannie Mae, said in an appearance on CNBC that his company was “ready to start investing now,” but added that it was “not going to be the only savior out there.”

Earlier in the day, Mr. Bush rebuffed the idea of letting Fannie and Freddie sidestep agreements both companies signed with their regulator to limit their portfolios while they address accounting problems. “Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options,” he said.

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Christopher J. Dodd, the Democratic presidential candidate and chairman of the Senate Banking Committee, said: “There is no reason why such reform is a necessary precondition to a modification of the cap that is done in a safe and sound manner.”

The two huge government-sponsored home mortgage buyers have often divided Washington along partisan lines. Many Democrats view them as important players in advancing affordable housing. But they are looked at with greater skepticism by the Bush administration and some Republicans who argue that the two companies are so big that they could destabilize the financial markets if they stumble.

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The problems that are plaguing the mortgage market appear to be loosely connected to Fannie and Freddie, however. Most of the loans that are starting to go bad were made by lenders that emerged in the last 10 years with the help of financing from Wall Street.

Banks and brokerage firms provided the money to both mortgage companies that made home loans and the hedge funds and other investors that bought securities backed by mortgages. Now as defaults on those loans are rising, trading in the securities that are underpinned by them has seized up.

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Hedge fund managers are being told by their lenders to pony up more money or collateral to back up their falling investments. And some rich individuals, pension funds and endowments that invested in hedge funds are clamoring to redeem their shares in the funds.

“It’s like popcorn in a kettle,” said James Melcher, president of Balestra Capital, a hedge fund in New York. “First you have one or two pops, then it turns into a cacophony. I think we are about halfway through.”

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Many experts say the nation’s mortgage problems are likely to worsen in the coming months as hundreds of billions in adjustable-rate loans reset to higher rates in the next 12 to 18 months. At the end of March, nearly one in five subprime home loans were either past due or in foreclosure.

At BNP, the three funds with stakes in home mortgages had a combined value of 1.6 billion euros ($2.18 billion), a fraction of the 600 billion euros the bank has under management. A spokesman for the bank, Jonathan Mullen, said fund managers were obliged to halt redemptions, because they could not determine the price of securities.

“We hope this is going to be temporary and that the market will come back,” Mr. Mullen said.

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经济情况不容乐观啊。

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The most unnerving aspect of the current situation, analysts and policy makers acknowledge is not knowing how broad and deep the problems run and what kind of impact new revelations will have on the broader market for credit.

“It’s impossible at this stage to judge how large and how persistent this tightening of credit conditions is likely to be,” Mervyn King, the governor of the Bank of England, said on Wednesday.

Not everyone is running for the exits. Andrew Milligan, head of global strategy at Standard Life Investments in Edinburgh, sid much of yesterday’s angst came from rumors about hedge funds in trouble.

“We remain of the view that issues of the market remain very much limited to a certain part of it,” he said.

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In the American stock market, the Dow average ended the day at 13,270.68, which is still up 6.5 percent for the year. It was the biggest one-day decline since the Dow lost 416.02 points on Feb. 27, another day when stocks sold off around the world.

The S.& P. 500-stock index closed at 1,453.09 and is up 2.5 percent for the year. The Nasdaq composite index was down 2.2 percent for the day, to 2,556.49. Treasury prices were up, with the 10-year note rising 18/32, to 99 27/32. The yield, which moves in the opposite direction from the price, fell to 4.77 percent, from 4.85 percent Wednesday.

Following are the results of yesterday’s Treasury auction of 30-year bonds:

银兰

引用作者 ＳＴＡＲＫＹＯ 于 2007-8-15发表的原文
In the American stock market, the Dow average ended the day at
Following are the results of yesterday’s Treasury auction of 30-year bonds:

ＳＴＡＲＫＹＯ是不是楼主的马甲啊？？

lemonjulie

哪里有ucp600旁听啊？ 正闲着发呆呢 [M11]

赤脚天使

做银行的原来都忙活这个啊

赤脚天使

很多条款，以前做国外采购的时候好熟悉，现在都TT PAYMENT啦，全忘记塞 [M20]

starkyo

引用作者 赤脚天使 于 2007-8-16发表的原文
很多条款，以前做国外采购的时候好熟悉，现在都TT PAYMENT啦，全忘记塞 [M20]

做得最多的就是TT inward/outward remittance [M10]