摩根大通認為整個市場尚未帶來系統(tǒng)性風險

據(jù)彭博社4月23日報道，摩根大通(JPMorgan Chase & Co.)表示，油價本周可能出現(xiàn)了一些令人震驚的波動，但其系統(tǒng)性影響看上去并不那么可怕。

策略師約翰?諾曼德(John Normand)周三在一份報告中寫道，盡管近月交割的西德克薩斯中質原油(West Texas Intermediate)期貨價格本周一度跌至每桶-37美元，創(chuàng)下歷史新低，但以典型衰退的標準來看，其它資產類別的走勢看似“平淡”。

諾曼德認為，能源行業(yè)在標準普爾500指數(shù)中的權重降低、全球央行目前正在實施的抑制金融市場波動的資產購買計劃以及石油行業(yè)本身的實際生產調整，都是讓憂心忡忡的投資者感到欣慰的一些因素。

雖然油價的短期風險是下行的，但如果預期油價會在夏季很長一段時間內保持低迷，那就過于悲觀了。

洪偉立 摘譯自 彭博社

原文如下：

JPMorgan Says Oil-Price Collapse Not a Systemic Risk to Markets

Oil may have clocked some stunning moves this week, but the systemic implications do not look so dire, according to JPMorgan Chase & Co.

Moves across other asset classes look “tame” by the standards of typical recessions, despite front-month West Texas Intermediate futures falling at one point this week to minus $37 a barrel an unprecedented development, strategist John Normand wrote in a note Wednesday.

The reduced weight the energy sector has in the S&P 500 Index, asset-purchase programs currently under way by global central banks to dampen volatility in financial markets and physical production adjustments in the oil industry itself are some of the reasons that should give comfort to worried investors, according to Normand.

While the short-term risk for the oil price is to the downside, it would be overly bearish to expect prices to remain depressed well into the summer, he said.