美国和欧洲的期货交易在股市出现大规模抛售之后走低，道琼斯工业平均指数下跌了近800点。有关俄罗斯和乌克兰冲突的新闻标题加剧了股市的不确定性和波动，投资者担心俄罗斯受到的制裁会导致通胀上升，如果形势恶化，美国经济可能会面临滞胀。尽管原油价格有所回落，但仍接近14年来的高点，而小麦、天然气和镍等欧洲大宗商品价格则攀升。
股票市场
影响股票市场表现的最大的因素仍是各关于俄乌之争的头条新闻,以及来自美国及其盟友正在实施的严厉制裁，以期推翻俄罗斯的靠山，并潜在的阻止他们渗入其他欧洲国家的军事行动。他们正在考虑的最新限制措施是禁止进口俄罗斯石油，这引发了原油市场的恐慌，油价迅速上涨，超过了每桶130美元。
另一方面，俄罗斯对这一事态的反应是威胁要限制通过北溪1号管道向欧洲供应的天然气。因此，尽管世界各国央行正在实施紧缩的货币政策，但战争导致的能源和大宗商品供应可能出现供应链瓶颈，这可能会推高全球消费品价格。
展望未来，通胀上升似乎是投资者面临的最大担忧，而经济增长前景正日益恶化，两年期和十年期国债收益率之间的微小差异可以解释这一点。这种发展正在拖累投资者情绪，并对所有行业产生不利影响。这就是为什么即使公司股价下跌，股票交易者似乎也不再有兴趣在下跌时买进。
原油
油价在过去几天里一直在上涨，达到每桶
130
美元左右，因为如果西方对俄罗斯的石油实施制裁，全球石油供应可能会受到打击。
然而，德国不打算限制从俄罗斯进口能源的立场限制了能源价格的上涨。
同样，即使美国及其一些盟友对俄罗斯石油实施禁令，这些国家也在指望海湾产油国来填补这一缺口。
黄金
由于全球金融市场的波动性和不确定性，对避险商品的需求正在迅速上升，因为投资者希望在全球宏观经济形势在一定程度上稳定下来之前，对冲其财富价值的下跌。投资者正在平仓风险资产，不愿向股市注入更多资本。这些因素已将黄金价格推至每盎司2000美元。
上下滑动阅读文章英文原文
Futures in the United States and Europe are trading lower following the massive selloff witnessed in stock markets in yesterdays session, with the Dow Jones Industrial Average falling nearly 800 points. The uncertainty and volatility in stock markets are being pumped by headlines about the Russia-Ukraine conflict, with investors fearing a rise in inflation owing to sanctions imposed on Russia and the American economy may face stagflation if the situation worsens. Although crude oil prices took a step back, they are still near the 14-year high, while European commodities such as wheat, gas, and nickel climbed higher.
Stock Market
The biggest factor influencing the performance of stock markets continues to be the headlines regarding Russia‘s aggression on Ukraine, along with harsh sanctions being implemented by the United States and its allies to push Russia’s back against the wall and potentially stop their military action from seeping into other European nations as well. The latest restriction being considered on Russia is banning imports of Russian oil, which has sparked panic in crude oil markets with oil prices rising rapidly and climbing above $130 per barrel.
On the other hand, Russia has responded to this development by threatening to curb natural gas supplied to Europe through the Nord Stream 1 pipeline. Hence, potential supply chain bottlenecks of energy and commodity supplies as a result of the war could push global consumer prices higher, despite tighter monetary policies being implemented by central banks around the world.
Moving onwards, the rise in inflation seems to be the biggest worry that investors are facing, while the outlook for growth is turning negative by the day, as can be interpreted by the small difference between yields on two-year and ten-year treasury bonds. This development is dragging investor sentiment down and adversely affecting all sectors. This is why, even when the stock prices of companies decline, stock traders seem to no longer be interested in purchasing the dip.
Oil
Oil prices have rallied over the past few days, rising above $130 per barrel because of the risk of global oil supplies potentially taking a hit if sanctions are imposed on Russia‘s oil. However, gains were capped by Germany’s stance that it is not looking to curb imports of energy from Russia. Likewise, even if the United States and some of its allies place a ban on Russian oil, these countries are looking to Gulf oil-rich countries to fill the gap.
Gold
Due to the volatility and uncertainty we are experiencing in global financial markets, demand for safe-haven commodities is rapidly rising as investors look to hedge their value of wealth from falling until the global macroeconomic situation stabilises to some extent. Investors are liquidating their positions in risky assets and are hesitant to pump more capital into equity markets. These dynamics have pushed the price of the yellow metals towards $2,000.
Naeem Aslam
AvaTrade 首席分析师
Naeem是一名屡获殊荣的分析师(2010年10月的爱尔兰经纪人奖等)。他能够积极地利用各种市场趋势，分析预判，同时兼具高度的上进心、极强的数字分析能力、人际交往能力，并有能力在专业高度上沟通发表其见解。Naeem的专长包括:投资、投资组合管理、客户服务、合规和法规、股票和债券市场。
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