RIP to safe havens - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
观点 金融市场

RIP to safe havens

When the going gets tough, investors are struggling to find a place to hide
00:00

{"text":[[{"start":null,"text":"

A sign shows symbols for the US dollar, British pound, euro, Chinese renminbi and Japanese yen. Recent market wobbles have tested beliefs about shockproof assets
"}],[{"start":6.4,"text":"In 2001, Thomas Buberl wrote a PhD thesis on corporate bonds, painstakingly demonstrating a feature of global markets that every good fund manager knows to be true: government debt always wins."}],[{"start":26.15,"text":"No matter what the economic weather, investors always rate government debt more highly than bonds issued by companies, and for good reason. In a tight spot, a government can (almost) always pay back its debts, by whacking up taxes or even printing its own money. Companies have no such luck, and pay more to borrow from investors as a result."}],[{"start":51.879999999999995,"text":"Buberl is now chief executive of Axa, the French insurance giant, whose bonds did something extraordinary earlier this month: they beat the French government. France’s politics are a mess again, and its government bonds are suffering, sending their yields, and the country’s borrowing costs, spiralling higher. Bonds issued by Axa, meanwhile, remain in high demand, making this one of numerous French companies at which bond yields sank below the government’s in mid-September."}],[{"start":88.66,"text":"Such cases are rare and a brutal illustration of the pickle the French state is in. Already the country’s yields have nudged above those of Italy — supposedly the Eurozone’s enfant terrible — and even of Greece, whose debt crisis almost ejected it from the euro a decade ago."}],[{"start":109.35,"text":"This is a wake-up call for investors: when the going gets tough, it is becoming harder to find somewhere safe to hide. All the old certainties are crumbling, while the European pecking order reshuffles and President Donald Trump chips away at the institutions that underpin US financial greatness."}],[{"start":131.4,"text":"“There is no safe haven any more today because you can blow up anywhere,” Buberl told me. Axa feels this keenly, as it is a large investor seeking to meet insurance liabilities. “We thought the US Treasury was a safe haven and we have seen that the volatility has been quite high and liquidity has been an issue. The only safe haven is diversification — that’s the best insurance,” he said."}],[{"start":161.44,"text":"The list of bolt-holes is pretty short and does not always make perfect sense. Top of the pile are slick, easily tradeable assets like gold, the dollar and US government bonds, along with the Swiss franc, German government bonds and the Japanese yen. Every investor knows these can be relied on to jump in price in a shock, as a function of convention, history and muscle memory, all baked in to trading algorithms in a way that makes their reaction almost automatic."}],[{"start":196.34,"text":"But recent market wobbles have put this to the test. When Covid-19 struck in 2020, the response that really spooked investors was not when stocks fell off a cliff, but when US government bonds did too. More recently, in April 2025, when Trump unleashed his tariffs, US Treasuries fell in price and so did the dollar, even while stocks collapsed. As the Bank for International Settlements pointed out in its latest quarterly review, the dollar’s historical relationship to levels of perceived risk in financial markets appears to be fraying."}],[{"start":237.09,"text":"Earlier this year, Germany embarked on a massive spending programme, eroding the scarcity value of its government bonds on which their haven status partly relies, and shoving them lower in price. Switzerland, meanwhile, is on the receiving end of some of Trump’s stiffest trade tariffs. The French corporate/state crossover is the icing on the cake."}],[{"start":266.09000000000003,"text":"Analysts at BNP Paribas pointed out in a recent presentation that across global markets, bond yields for supposedly safe governments — the US, Germany and France in particular — are drifting higher, while sovereign borrowers long considered more risky, like Italy and Spain, are fixing their fiscal health and being rewarded by investors. Perceptions of safety are converging."}],[{"start":295.87,"text":"High benchmark interest rates mean that companies are more disciplined in their efforts to keep investors on side, and less willing to borrow on a whim, bolstering the safety of corporate bonds. Already, corporate debt, especially in the US, is trading with the skinniest risk premium compared with Treasuries in several decades. The volatility we see is much more likely to stem from underlying government debt than company-specific shocks."}],[{"start":327.9,"text":"We are not yet at the point where nice dull French corporate debt or historically spicy Italian government bonds are a globally recognised haven asset. But signs of failure of standard safety procedures in markets today are a reflection that everything investors hold dear is now open to question. In the next big crisis — and there will be one — it may well be that all bets are off."}],[{"start":362.46,"text":""}]],"url":"https://audio.ftmailbox.cn/album/a_1758793744_5811.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

迈克尔•布隆伯格承诺为环保团体出资近3亿美元

过去十多年里,他通过家族基金会和慈善机构为气候相关事业提供了超过30亿美元资金。

印度面临打击金融网红的“打地鼠”式监管困境

散户投资者队伍不断壮大之际,印度监管机构瞄准了那些打着“理财教育”幌子发布荐股骗局的行为。

基尔•斯塔默接近辞去英国首相职务

此举可能使安迪•伯纳姆成为英国自脱欧以来十年间的第七位领导人。

安迪•伯纳姆补选获胜会给英国国债带来压力吗?

美联储偏好的通胀指标在上升吗?德国是否出现了初步复苏的迹象?

部分大臣认为斯塔默可能下周宣布辞职

安迪•伯纳姆在补选中获胜后,英国首相面临巨大压力,被要求明确其离任时间表。

普京的战争机器在无人机时代步履维艰

乌克兰的创新正在侵蚀俄罗斯的人力优势。
设置字号×
最小
较小
默认
较大
最大
分享×