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イタリア国債の金利上昇、ECBによる資産救済の影響か
- イタリアの10年物の国債の金利は、4週間の間、上昇し続けた。
- 欧州中央銀行からの追加資金が国債危機を収束させる効果があり、地域の資産への需要を高めている。
- イタリア国債の売買は楽観的な展望を持って行われている。
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その他の回答 (3)
- speglo
- ベストアンサー率47% (167/353)
Italian 10-year bonds rose for a fourth week（イタリア10年国債価格が4週間連騰した） the longest run in two years, (2年ぶりの週間連騰だった） as optimism （希望的観測） that extra funds provided by the European Central Bank are helping contain the debt crisis （ＥＣＢが市場に注入した資金が、債務危機を鎮静化するという） spurred demand for the region’s assets.（この地域の金融資産に対する需要を刺激した） 構文はこう別れます。意味をまとめると、 ＥＣＢが市場に注入した資金が（欧州）債務危機を鎮静化するという希望的観測が、この地域の金融資産に対する需要を刺激し、イタリア10年国債価格が4週間連騰した。これは、2年ぶりの週間連騰だった。
お礼
ありがとうございました。 私の英語力より、格段上の、ご回答ありがとうございました。 みなさまのご回答から、私は次のように理解しました。 ＥＣＢが市場に注入した資金が（欧州）債務危機を鎮静化するという希望的観測が、この地域の金融資産に対する需要を刺激し、イタリア10年国債価格が、4番目の週、1月23日から1月29日までの5日間上昇つづけた。これは、2年ぶりの週間連騰だった。 と考えました。
- sphenis
- ベストアンサー率50% (50/100)
日本語訳は♯1の方のもので良いと思うので、私は(いらないかもですが)少々解説をさせて頂きます。 Italian 10-year bonds rose for a fourth week, ここは上手く翻訳なさっていますね。 the longest run in two years, 「2年間で最長」だったのは、直前の"four years"です。 つまり、ここ2年間で上昇が4週間も続く事は初めてだ、という事です。 as optimism that extra funds provided by the European Central Bank are helping contain the debt crisis spurred demand for the region’s assets. さて、ここが問題ですね。 まず、"as"はここでは「～ので」という意味です。 接続詞ですので、ここより先は主語述語を含む1つの文となります。 文章の大軸となるのは、 "optimism spurred demand" 「楽観視が需要を促進した」 この文に、色々な修飾語句がくっついています。 まず、どんな「楽観視」なのか？ optimism that extra funds provided by the European Central Bank are helping contain the debt crisis ちょっと長いですが、これが「楽観視」を説明している部分です。 "extra funds provided by the European Central Bank"は、provided 以下が extra funds を修飾して、「欧州中央銀行から提供される特別資金」。 また"that"は、前と後ろ、つまりoptimism と extra funds ～ crisis が同じである事を示します。 よって、「欧州中央銀行から提供される特別資金が赤字危機を抑える事を助けている、という楽観視」。 次に、どんな「需要」を促進したのか？ ここは短いです。 demand for the region’s assets 「地域の資金に対する需要」 ですね。 「自分が書いた訳の意味を自分で理解している」事が大事ですよ。
お礼
ありがとうございました。 私の英語力より、格段上の、ご回答ありがとうございました。 みなさまのご回答から、私は次のように理解しました。 ＥＣＢが市場に注入した資金が（欧州）債務危機を鎮静化するという希望的観測が、この地域の金融資産に対する需要を刺激し、イタリア10年国債価格が、4番目の週、1月23日から1月29日までの5日間上昇つづけた。これは、2年ぶりの週間連騰だった。 と考えました。
- SPS700
- ベストアンサー率46% (15295/33014)
イタリアの１０年物の国債は、ヨーロッパ中央銀行提供の特別資金で赤字危機の食い止めができるという楽観視が、この地域の資産に対する要求を活性化したため、４週間、この２年間で最長、の期間上昇が続いた。
お礼
ありがとうございました。 私の英語力より、格段上の、ご回答ありがとうございました。 みなさまのご回答から、私は次のように理解しました。 ＥＣＢが市場に注入した資金が（欧州）債務危機を鎮静化するという希望的観測が、この地域の金融資産に対する需要を刺激し、イタリア10年国債価格が、4番目の週、1月23日から1月29日までの5日間上昇つづけた。これは、2年ぶりの週間連騰だった。 と考えました。
関連するQ&A
- NHK WORLD Spain
The election comes at a time when Spain is struggling under the euro zone debt crisis. The prices of Spanish government bonds have slid sharply in recent days, sending the yields on the 10-year bonds close to 7 percent. This is a level that would make it difficult for a country to carry out fiscal reconstruction on its own. お聞きしたいのはsending以下です。 10年ものの国債の利回りを7％近くにした、という事ですか？ SVOＣと解釈しました。 よろしくお願いします。
- ベストアンサー
- 英語
- 英文の和訳をお願いします。
よろしくお願いします。 The term “business corporation” (excluding financial service institutions) means economic entities whose objective is to make a profit from such activities as the production and sale of goods or services . Business corporations invest funds in real assets (such as facilities and inventories) to carry out production and marketing activities on a continuing basis . Funds raised by business corporations are divided into internal funds (those generated in the ordinary course of the production and sale of goods or services) and external funds (those raised from external sources ) , according to the method employed to raise them . Technically , internal reserves and depreciation charges are included in internal funds. As the company is not required to repay the principal of , or pay interest or dividends on , such funds , they are considered the most stable means of corporate financing . In actuality , however , business corporations cannot meet their funding requirements with internal funds alone , and many of them have to rely on external funds . External funds are divided into the proceeds resulting from loans and the issuance of equity and debt securities , according to the method employed to raise them . Loans are obtained primarily from banking institutions . This method of raising funds with debt securities is termed “indirect financing” In addition to those issued at the time of their incorporation, business corporations issue additional equity shares(an increase of capital) to finance the expansion of their production capacity or for other purposes . As business corporations are not required to repay the principal thus raised, or pay interest thereon , the proceeds from the issuance of equity shares constitute the most stable form of funds among external funds . As is the case with equity shares , corporate debt securities are also an instrument for raising funds from the capital markets, and issuers have to redeem them on or by a predetermined date of redemption and pay a definite rate of interest on them . Corporate debt securities are largely divided into straight (SB), bonds with subscription rights, and structured bonds(see Chapter V). As the securities underlying equity shares or corporate debt are held directly by the providers of funds, this method of raising funds is called “direct financing”. A survey of changes that have occurred in the amount of funds raised from external sources as a percentage of the outstanding balance of financial debts shows that bank borrowings have tended to decrease since 1990. In the 2000s, funds raised through the issue of securities have outpaced those obtained through bank borrowings, suggesting that the weight of corporate financing structure has shifted from indirect to direct financing. This may be explained by the fact (1) that following the liberalization and internationalization of the financial markets, businesses have actively sought to raise funds be selling new shares and bonds on the market and (2) that particularly since 1980, in addition to reductions of inter-company credits that businesses had made under the pressure of recession, banks have curtailed their lending and businesses have repaid their debt banks in an effort to improve their financial positions. And these facts have combined to produce a synergistic effect. Most recently, the proportion of financing by loans has risen because of the decline in the functioning of the capital market caused by the financial crisis. However, with the establishment of emerging markets and the liberalization and abolition of regulations on the issue of debt securities, small-to-medium-sized firms can now obtain financing through the capital market. Consequently, if the capital market rebounds, the proportion of financing through the issue of securities will likely recover.
- ベストアンサー
- 英語
- 米国公認会計士の試験問題集です。本は本当に正しい？
Willeyから出版されている2012年度版の米国公認会計士のBECの本で245ページの90問目の答えがどうしても分かりません。本の答えが本当に正しいのか疑問です。私は問題中のat a price of 101とは債券1枚あたりの発行時の額面だと思っていました。問題文の中の101とは額面の101%で発行されましたよという意味なのでしょうか？%が書いてないのはどうしてでしょうか？ 問題は DQZ Telecom is considering a project for the coming year that will cost $50 million. DQZ plans to use the following combination of debt and equity to finance the investment: ●Issue $15 million of 20- year bonds at a price of 101, with a coupon rate of 8%, and flotation costs of 2% of par. ●Use $35 million of funds generated from earnings. The equity market is expected to earn 12%. US Treasury bonds are currently yielding 5%. The beta coefficient for DQZ is estimated to be .60. DQZ is subject to an effective corporate income tax rate of 40%. The before-tax cost of DQZ's planned debt financing, net of flotation costs, in the first year is a. 11.80% b. 8.08% c. 10.00% d. 7.92% 本に書いてある答え (b) The requirement is to calculate the first- year, before-tax cost of the planned debt financing, net of flotation costs. The first year cost would be calculated by dividing the interest rate by the amount of funds received after flotation costs. Therefore, the interest cost before tax is equal to 8% ÷(101% issue price - 2% flotation costs)=8.08%. Therefore, the correct answer is (b)
- ベストアンサー
- その他（学問・教育）
- 以下の解釈があっているか教えてください。（金融関係の記事）
こんばんは。少々長いのですが、下の文章の解釈が正しいか教えていただけますか。特に『』部分の細かい訳し方をご指導いただけるとありがたいです。 『By demanding that banking groups which were granted state aid during the crisis shed assets on competition grounds, the European Union risks fuelling a merger and acquisition revival in the financial sector that may not be in the best public interest.』 『EUは、金融危機時に公的援助をうけた銀行グループに、競合するために資産の投入を強要し、』公の利益とはならない、金融業界における吸収合併の再来のリスクをあおっている。 Such a merger would be bizarre to say the least. 『It would be back to the future in bancassurance at a time when the concept of combining banking and insurance, so fashionable a couple of decades ago, is no longer a fad.』 The ING break-up is only the latest example of the trend of banks refocusing on banking and insurers on insurance. そうした合併は控えめにいっても、異様である。それは、２０－３０年前に大流行した銀行業務と保険業務を統合する考えが、一時の流行ではない銀行が保険業務を行う状況に、向かっているようである。INGの分割は、銀行が銀行業務に、保険会社が保険業務に専念する最後の事例だ。 『The EU driven sale of banking assets is bound to create all sorts of acquisition opportunities. For the stronger banks this will clearly offer opportunities to reinforce their portfolios and tidy up round the edges of their groups.』『 And boring as it might be, 』they will have to resist the temptation of big-scale consolidation. 『銀行資産の売却を進めたEUは、さまざまな吸収合併の機会を生み出すことになる。大手銀行にとっては、これは明らかにポートフォリオを強化し、グループの末端機関を整理する機械となる。』『退屈であるが、』銀行は、大規模合併の機会を見送らなければならにだろう。 『But in what is perhaps a sign of the times, it was revealed on Tuesday they have both divested stakes in the bank,』 with Temasek reducing its holding to 5.76 per cent as of September 30 from 7.6 per cent and GIC to 1.53 per cent from 1.66 per cent. 『しかし、おそらく時代の兆候において、火曜日に、両者は同行の株を売却し』、Temasekは７．６パーセントから９月３０日には５．７６パーセントに持分を減らし、GICは１．６６パーセントから１．５３パーセントに減らしたことが明らかになった。 In fact, 『Temasek has been paring back its stakes in financial stocks since it lost $4bn in its last financial year ended March on sales of its holdings in Barclays and Merrill Lynch.』 『Temasekは、３月末に終了した前年度、 BarlaysとMerrill Lynchの株式を売却して４０億ドルの損失を出して以来、金融銘柄への出資を減らしている。』 どうかよろしくお願いします。
- ベストアンサー
- 英語
- 英語得意な方、和訳お願いします。
英語得意な方、和訳お願いします。 私ではきれいな日本語に訳せませんでした。 金融のお話です。 Looking at the trend in stock (debt), the total market capitalization of stocks increased sharply to \84 trillion ($933 billion at the rate of \90 to the dollar) at the end of 1999 from about \35 trillion ($388 billion) in the previous year. However, in the period following the bursting of the IT bubble to the end of 2002, the balance declined. Although the balance turned upward again toward the end of 2003 due to a recovery in stock prices, increasing to \149 trillion ($1.6 trillion) at the end of 2006, it dropped precipitously in 2008 to \69 trillion ($766 billion) because of the Lehman Shock. In terms of regional breakdown, the share of American investors has risen rapidly from 2007 onward from its previous level up to 2006 of about 41%. The share of European investors, on the other hand, has declined. The total amount of domestic debt securities held by overseas investors, long-and medium-term bonds and notes combined, has increased to approximately \50 trillion ($555 billion) in recent years from \30 trillion ($333 billion).This trend probably reflects the previously mentioned stability in the government bond market and expectations for improvement in bond yields. By region, unlike in the case of stocks, European investors still hold more than 50% of the total despite a downward trend, while American investors continue to hold only around 10%. The foregoing suggests that Europeans tend to favor debt investments in contrast to Americans’ preference for equities
- 締切済み
- 英語
- 和訳をお願いします
These people are the extreme edge of Europe's working poor: a growing slice of the population that is slippping through the long-vaunted European social safety net. Many, particularly the young, are trapped in low-paying or temporary jobs that are replacing permanent ones destroyed in the economic downturn. Now, economists, European officials and social monitoring groups are warning that the situation is about to get worse. As European governments respond to the debt crisis by pushing for deep spending cuts to close budget gaps and greater flexibility in their work forces, "the population of working poor will explode," said Jean-Paul Fitoussi, an economics professor at L'Institut d'Etudes Politiques in Paris. To most Europeans, and especially the French, it seems this should not be happening. With generous minimum wage laws and the world's strongest welfare systems, Europeans are accustomed to thinking they are more protected from a phenomenon they associate with the United States and other laissez-faire economies. But the European welfare state, designed to ensure that those without jobs are provided with a basic income, access to health care and subsidized housing, is proving ill prepared to deal with the steady increase in the number of working people who do not make enough to get by. The trend is most alarming in hard-hit countries like Greece and Spain, but it is rising even even in more prosperous nations like France and Germany. "France is a rich country," Mr.Fitoussi said. "But the working poor are living in the same condition as in the 19th century".
- ベストアンサー
- 英語
- The Economist経済コラムの一節・Income-seeking investors seem～
前々回の The Economist からの質問と同じコラムからの質問です。すなわち、The Economist の12月30日の「Ready for a rally?」と題する経済コラムからです。 最後から4番目と3番目の段落を引用します。 Mr Bowers reckons that the fourth quarter of 2008 may have seen an “inventory shock”. Faced with credit constraints and forecasts of plunging consumer demand, companies slashed production. The result is that they are entering 2009 with very low inventories. If consumer demand turns out to be better than expected, then companies may find themselves desperate to get hold of components and raw materials. Pricing power will return and commodity prices will shoot back up. That would definitely count as a big surprise. Morgan Stanley, for example, is forecasting a fall of 30% in capital expenditure between now and mid-2010. If Mr Bowers is right, low government-bond yields could lose their appeal and equities could rebound. Income-seeking investors seem unlikely to get much of a return from cash this year. 上記の文章中 Income-seeking investors seem unlikely to get much of a return from cash this year. の意味を素人にわかりやすくご説明ください。 なお、質問箇所以外の部分の意味はざっと次のようなものと思います。 バウアーズ氏は、2008年第4四半期に「在庫ショック」が起きたのではないかと推測している。信用収縮と消費需要の落ち込み予測に直面し、企業は生産の調整を図った。その結果、2009年を極めて在庫の少ない状態で迎えることになった。仮に消費者の需要が予想よりもましであった場合、企業は部品や原材料の調達に血眼にならざるを得ない。価格決定力が復活し、コモディティ価格は再び跳ね上がるだろう。 以上の事態は確かに予想外と言えるだろう。例えば、モルガン・スタンレーは今から2010年までの間、設備投資が30パーセント落ち込むと予想している。バウアーズ氏が正しい場合は、利回りの低い国債は魅力を失い、株価が回復する可能性がある。
- ベストアンサー
- 英語
- 和訳をお願いします!
When Melissa Dos Santos leaves her job at the end of each day, she goes home to an unlikely place: a tiny trailer in a campground half an hour north of Paris, where scores of people who can barely make ends meet are living on a sprawling lot originally designed as a bucolic retreat for vacationers. "I grew up in a house; living in a campground isn't the same," Ms.Dos Santos,21,said wistfully. Her dreams of a more normal life in an apartment with her boyfriend evaporated when they both took minimum-wage jobs- she in a supermarket and he as a Paris street sweeper - afrer months of searching fruitlessly for better-paying work. "People call us margical," she said. "Little by little, it's eating us up." The long-running euro zone debt crisis may be cooling. But the economic distres it has left behind is pushing more and more workers into precarious circumstances in France and across the European Union. Hundreds of thousands of people are living in campgrounds, vehicles and cheap hotel rooms. Millions more are sharing space with relatives, unable to afford the basic costs of living.
- ベストアンサー
- 英語
- The Economist経済記事の一節3・When markets were～
10月22日の The big thaw と題する The Economist の経済記事からです。 最初の3つの段落を引用します。 THE world’s banking system may still be in intensive care, kept alive largely with the help of generous infusions of capital, liquidity and guarantees on lending from governments. Yet there are hopeful?albeit tentative?signs of recovery. An important indicator of its health is the price that banks say they expect to pay to borrow money for three months, which is usually expressed as the London Interbank Offered Rate (LIBOR), or its European equivalent, EURIBOR. These have been ticking down slowly, often by only fractions of a percentage point a day. Yet on Tuesday October 21st the rate for borrowing euros passed an important milestone, falling to 4.96%, a level last seen before Lehman Brothers collapsed in mid-September. The LIBOR spread over three-month American Treasury bills has also narrowed sharply. The recent improvements were partly stirred by the latest lavish intervention from the Federal Reserve. It made available $540 billion to buy assets from money-market funds, to encourage them to start buying commercial paper issued by banks and companies again. The pace of LIBOR’s recovery may look glacial, but it is actually faster than meets the eye. This is because LIBOR, the heart-rate monitor of the financial markets, seems to have gone on the blink. When markets were at their most stressed it underestimated the full cost to banks of borrowing - partly, in its defence, because there was so little lending in the interbank markets. The rates now being paid by banks to borrow may actually be half the level during the most intense moments of panic earlier this month. 上記第3段落中の When markets were at their most stressed it underestimated the full cost to banks of borrowing - partly, in its defence, because there was so little lending in the interbank markets. の意味をご教示ください。また、it が指すものは何かのご説明もお願い致します。 なお、前の2つの段落の意味はざっと次のようなものと思います。 世界の銀行システムは依然、集中治療の必要な状態にあるのかもしれない。政府が資金、流動性、融資の保証を潤沢に提供するという下支えによってかろうじて生命を維持している状態だ。しかし、たとえ一時的であるにせよ、回復への望ましい徴候はうかがえる。 健康かどうかの重要な指針となるのは、銀行の言うところによると、3ヶ月間お金を借りる際に自分達が払うことになる代価、すなわち、ロンドン銀行間取引金利(LIBOR)と呼ばれる利率、もしくは、そのヨーロッパ版である EURIBOR だ。この2つはゆっくりとだが着実に低下している。大抵は1日に1ポイントの何分の1という割合であるが。ところが、10月21日(火曜)に EURIBOR は重要な指標を突破した。4.95パーセントにまで下がったのだ。9月半ばのリーマン破綻より前の水準である。また、LIBOR の米財務省短期証券3ヶ月物とのスプレドも急激に縮小した。最近の状況好転の原因は米連邦準備制度理事会が大盤振る舞いの介入を行ったせいに一部帰せられる。同機関はマネーマーケットファンドの資産買い上げに5400億ドルを利用可能にした。これに促されてファンドは再び銀行や企業の発行するコマーシャル・ペーパーを買い始めたのである。 LIBOR の回復ペースはあまりに遅すぎると思われるかもしれない。が、実際は見かけより早いのだ。～
- 締切済み
- 英語
- 和訳お願いします
The financal makers provide a marketplace through which funds are chan-neled from sectors with idle cash (lenders) to cash-short sectors(borrowers), and the types of financing arranged on these markets are divided in terms of intermediaries into indirect and direct financing. Indirect financing means a form of transaction in which a financial institution acquires a primary secure-ty (IOUs and notes,ect.) from a borrower with a fund raised by issuing an in-direct security(certificates of deposit and insurance policies,etc.). In direct financing, a borrower raises funds by issuing a primary security (equity and debt securities, etc) to lenders though a market intermediary. The market place on which direct financing is arranged is the securities market, which is divided into an issue market(where securities are issued and distributed) and a trading market (where securities are bought and sold). Generally, the term ”security” refers to instruments that give their legal holders the rights to money or other property. They are designed to facilitate the assignment of such rights and have the characteristic of combining rights and certificates. More specifically, they are issued in various form, such as stocks and bonds issued by business corporations; notes, checks, and bills of lading ;government securities issued by national governments; and municipal bonds issued by local public bodies. Of these, securities traded in the securities markets are balled “securities under the Financial Instruments and Exchange Act(FIEA),” as defined in paragraphs 1 and 2, Article 2,of that law. Paragraph 1 defines securities whose interests are represented by securities or certificates that are physically issued as listed in the Securities and Exchange Law, new types of securities, such as mortgage securities and securities representing financial options contracts, have been included in the new definition. Item 21 of the paragraph provided that securities and certificates so designated by government ordinance, including bonds issued by educational institutions, shall be deemed to be securities under the law. Paragraph 2 of Article 2 sets forth the definition of deemed securities. First, interests represented by securities that are listed in the preceding paragraph are deemed to be securities by themselves in cases where no physical certificates are issued. For example, interests represented by bonds or stocks held under a book-entry transfer system are deemed equivalent of those securities listed in Paragraph 1. The latter part of the paragraph then goes on to define deemed securities as interests other than those represented by securities or certificates. The scope of the definition has been substantially widened compared with that of the former law, and specifically, there are comprehensive provisions in Item 5 of the paragraph for FIFA to be applicable to various types of collective investment vestment ordinance, including claims on loans o educational institutions, are provided for as deemed securities. In addition to securities, FIEA applies to derivative transactions in domestic financial instrument and over-the-counter markets and foreign markets.
- 締切済み
- 英語
お礼
ありがとうございました。 私の英語力より、格段上の、ご回答ありがとうございました。 みなさまのご回答から、私は次のように理解しました。 ＥＣＢが市場に注入した資金が（欧州）債務危機を鎮静化するという希望的観測が、この地域の金融資産に対する需要を刺激し、イタリア10年国債価格が、4番目の週、1月23日から1月29日までの5日間上昇つづけた。これは、2年ぶりの週間連騰だった。 と考えました。