Investors in the UK might not all get the chance to see the Brexit beer mats their Pub Chain Wetherspoons will roll out ahead of this month's referendum.

英國的投資者可能無緣目睹該國連鎖酒吧Wetherspoons在公投前推出的脫歐啤酒墊

But not to worry, markets have entered June with enough referendum charter to leave even the most sober trader feeling light-headed.

不過別擔心，六月因公投而改變的市場情勢，也足夠讓神智清醒的投資者暈頭轉向了

Leading the way is the world's largest asset manager BlackRock, which declared itself wary of the sort of short term risk that Brexit poses to stocks.

首當其衝的就是全球資產管理巨頭 BlackRock ，該公司對於公投將帶來的短期風險戒慎恐懼

That was followed by a gloomy warning of economic shocks from the OECD and a surprise poll that put 'leave' votes ahead.

OECD隨後提出了經濟衝擊的警示，民調顯示「脫歐」佔上風的結果更令人咋舌

Financial markets had virtually given up on the idea of a 'leave' vote in May,

金融市場已完全對五月「脫歐」的投票結果不抱任何希望

resulting in a rally in the pound and in tighter spreads across peripheral sovereign bonds

這導致英鎊回升以及外圍主權債券息差緊縮

as investors abandon the idea of a split reverberating across other discontented European regions.

因為投資者已放棄其他不滿的歐洲國家股票分割的可能性

Now, investment houses are starting sad, a little bit less sure of themselves.

現在投資機構寸步難行，缺乏自信

The Chief Executive of Hermes Investment Management told investors on Wednesday that they would be wise to brace themselves for Brexit.

Hermes 投資管理執行長於周三建議投資者最好準備好應付脫歐

Currency traders are already taking heed and reacted to the latest poll by sending Sterling down sharply to a 2 week low against the dollar.

對於近期的民調結果，兌匯者已提高警覺並讓英鎊對美元的匯率維持兩週的低迷

UK government bonds experienced a rally, sending yield on benchmark 10 year debt to a 2 week low of 1.37%.

英國債券歷經回升，將十年的國債在兩週內降低百分之1.37

Investors without the resources or the inclination to commission private exit polls in the manner of hedge funds

投資者若缺乏資源或沒有以對沖基金派遣脫歐民調的傾向

might be inclined to lighten their position in so-called risk assets at this point.

現在可能會偏向減輕在風險資產的比重

But for those who do not believe the UK will vote to leave the European Union, the narrowing polls offer an opportunity.

但對於那些不認為英國會脫歐的投資者，不相上下的民調結果可視為轉機

If the UK does vote to stay, an uncertainty in the lead up could lead to a post-Brexit bounce,

如果英國決定留下，那麼這期間的臆測可能會導致脫歐後的反彈效應

that could lift Sterling, raise equity prices, and tighten bond spreads in countries such as Italy, Portugal, and Spain.

這會使英鎊升值、提升權益金的價格，並且緊縮在義葡西等國的債券息差

This is the sort of easy calculation that can even fit on the back of a beer mat.

這簡單的臆測或許也能被印在啤酒墊的背面