Inflation fears put investors on the defensive

飞雪寒冰

Inflationary pressures are building around the world, posing a dilemma for investors and prompting an increase in demand for bonds that offer protection against rising prices.
世界各地的通胀压力正在加剧，令投资者面临两难之境，可对冲通胀的债券需求上升。

From the developed economies of the US and Europe to emerging markets in China, Brazil and beyond, rising food and energy prices have triggered increases in inflation over the past six months.
过去6个月，从美国和欧洲的发达经济体，到中国、巴西以及其它新兴市场，食品和能源价格持续上涨已触发通胀抬头。

飞雪寒冰

Markets are also pricing in further rises over the next few years with some warning that inflation could be the world’s next economic pressure point.
市场也将未来几年通胀进一步上升的预期纳入价格之中，部分人士警告，通胀可能是全球的下一个经济压力点。

Emerging markets face the biggest threat from inflation, according to some investors, as fund managers must decide whether the risks of some of these economies overheating outweighs their positive growth stories.
部分投资者表示，新兴市场目前面临的通胀威胁最大，对于某些新兴经济体的过热风险是否超过了其正面增长题材，基金经理必须作出判断。

飞雪寒冰

Markets are also pricing in further rises over the next few years with some warning that inflation could be the world’s next economic pressure point.
市场也将未来几年通胀进一步上升的预期纳入价格之中，部分人士警告，通胀可能是全球的下一个经济压力点。

Emerging markets face the biggest threat from inflation, according to some investors, as fund managers must decide whether the risks of some of these economies overheating outweighs their positive growth stories.
部分投资者表示，新兴市场目前面临的通胀威胁最大，对于某些新兴经济体的过热风险是否超过了其正面增长题材，基金经理必须作出判断。

飞雪寒冰

Inflation has risen sharply in the past year in the big emerging markets of China, Brazil, India and Indonesia as well as smaller economies such as Thailand, Malaysia, Vietnam, Venezuela and Argentina.
过去一年来，不管是中国、巴西、印度和印尼等大型新兴市场，还是泰国、马来西亚、越南、委内瑞拉和阿根廷等规模较小的经济体，通胀都大幅上升。