We're trading under way in London.

倫敦今日已開始進行交易

The second quarter has begun, and investors are still believers in the reflation trade.

第二季已開始，而投資人仍相信川普的通貨膨脹交易

Level equity's firmer while in currency action, the rand is back under pressure.

南非債信平等越趨穩定，但在貨幣方面，蘭特卻又備受壓力

Still, as the calendar flips to April, a host of market moving events confront investors.

不過，當四月來臨，投資者又會面對一票將影響市場的重大事件

These include France's presidential elections, and the opening salvos of the UK's divorce from the EU.

包含法國的總統大選及英國脫毆的開幕

But equity markets reflect the prospect of a sustained recovery in global activity.

但股市反映出全球活動持續復甦的前景

Down playing the risk of central bank policy surprises and the question of whether companies deliver better earnings growth.

下調中央銀行政策修改的風險，及企業是否能實現更好的盈利增長

Above all, investors will remain fixated on the Trump Trade.

總括一切，投資人仍會專注於川普交易

Namely whether the administration can work with congress,

即行政當局是否能與國會合作

and deliver on tax cuts and fiscal stimulus that have boasted US in global equities since November.

並提供減稅和財政刺激措施，以上兩個政策自十一月以來讓美國的股市持續上升

All told investors still have calls to remain positive.

總而言之，投資人仍保持樂觀

But valuations particularly in the US are lofty.

但估計值仍然很高（尤其在美國）

Hence the likelihood that the recent rotation that we've seen inter EM and the Eurozone stocks only accelerates further in the second quarter.

因此，我們看到的新興市場及歐元區股票之間的輪盤，在第二季加速的可能性非常高