Here's what we're watching in London on Thursday morning.

我們來看看倫敦的週四早上發生什麼重要事情

Well, we're seeing a bit of a stall in the reflation trade.

通貨膨脹在交易貌似呈停滯狀態

After FTSE All-World Equity Index to fresh intraday record in Asian trading,

在富時全球股票指數在亞洲交易中創新單日記錄後

a spot of profit taking in Europe is taking place.

在歐洲出現了一些獲利機會

But let's keep this in perspective.

但我們還是密切觀察這件事

Moods are mild and futures still suggest Wall Street will open Thursday session around record levels.

大家心情都很平穩，且期貨的狀況顯示週四的華爾街會開盤開在創新高左右

Still, bond yields, which jumped higher in recent sessions following supposedly hawkish comments

然而，原本升高的債券收益率

from Fed Chair Janet Yellen and some strong US data,

因為美聯儲主席珍妮特·葉倫的強硬言論及美國數據顯示

are pulling back a few basis points today.

在今天掉了幾個基準點

The dollar is also nudging lower as the Euro, Pound, and Yen see mild gains.

美元悄悄跌落，同時歐元、英鎊及日圓都微微上升

Industrial commodities are easing back, and gold is firmer.

工業商品減少中，黃金則是越來越穩定

Now whether all this marks the CREST of the latest bull then, or merely a pause of consolidation, we must wait and see.

這是否會為最新的 CREST 牛市做上記號，或僅僅只是合併的停頓，我們只能等著看

It was interesting what happened on Wall Street in the previous session,

華爾街上一期發生的事情相當有趣，

as the February VIX futures contract expires,

隨著二月 VIX 期貨合約到期

the main VIX, which measures expected volatility for the S&P 500, jumped more than 10%.

主要的 VIX 指數，也就是用來衡量標普 500 指數的預期波動率，成長了超過 10%

This happened to even as stocks were having a good day.

這甚至在股市看好的情況下發生

It rather suggests investors of becoming more worried about protecting their portfolios.

這個現象也許更確切地顯示投資人對於保護他們的投資組合越來越擔心