Investors are walking on eggshells. Until this week, world stock markets had enjoyed an uninterrupted six-week rally, rising 24 per cent. The question is if Monday's overdue correction marks a larger retrenchment. After all, bear market rallies averaged 30 per cent or more in 1990s Japan and in the US in the 1930s. And Tuesday's reported fall in March UK retail prices, the first since 1960, is a reminder that deflation is still lurking.
投資者如履薄冰。到本週爲止，全球股市已連續6周反彈，累計上漲24%。問題是，週一的過度調整是否標誌着更大幅度的下跌。畢竟，在上世紀90年代的日本和30年代的美國，熊市反彈的平均幅度爲30%或更多。而週二公佈的英國3月份零售價格自1960年以來首次下跌提醒我們，經濟運行中仍然潛伏著通縮苗頭。
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