1.原文连结：
CNBC
http://goo.gl/KpohVA
Morgan Stanley: Tech stocks look 'downright awful' in market getting
increasingly worried about 'unhinged' inflation
大摩: 市场忧无脑通膨, 科技股似糟透惹
Morgan Stanley's Mike Wilson downgraded the technology sector and upgraded the
utilities sector, telling clients it may be time to pivot to defensive names.
大麦(大摩的麦克威尔森)降评科技股, 升评公用事业股, 提醒客户拔草测风向,
快速转向防御性类股
"Technology does not look very good. In fact, it looks downright awful," wrote
Mike Wilson, chief investment officer at Morgan Stanley.
大麦: 科技股烂到笑
Stocks are in the middle of a sizable sell-off with the Dow Jones industrial
average falling more than 450 points at its lows on Monday.
DJ崩 大抛售
2.原文内容：
Don't expect stocks to rebound if inflation anxiety continues, according to
Morgan Stanley.
大摩: 忧通膨, 别想弹
With price fears egging on Treasury rates, equities could be in for a
disappointing few months as investors move away from a "buy-the-dip"
mentality.
抄底味浓, 公债恐低迷数月
"When inflation is very low, rising inflation has a positive impact on equity
valuations," wrote Mike Wilson, chief investment officer at Morgan Stanley.
But "rising inflation expectation may no longer be a positive for stocks,
especially if markets start to think inflation is coming 'unhinged.'"
大麦: 低通膨状态调高有利股权估值, 但若市场认为通膨已太无脑,
调高预期通膨率未必有利股价
Stocks are in the middle of a sizable sell-off with the Dow Jones industrial
average falling more than 450 points Monday, adding to a 3.5 percent decline
the previous week. The S&P 500 fell 1.6 percent on the week's first day of
trade, as the Cboe volatility index (VIX) — considered the market's best
fear gauge — hit multi-year highs.
大卖崩中, VIX 恐慌指数创高
Morgan Stanley says tech stocks look 'downright awful' Morgan Stanley says
tech stocks look 'downright awful'
6 Hours Ago | 00:37
Don't expect stocks to rebound if inflation anxiety continues, according to
Morgan Stanley.
大摩: 科技股烂到笑, 通膨忧虑一日不除, 股价一日不弹
Many strategists have hypothesized that the sell-off is the result of several
months of uninterrupted gains for equity markets, a correction to overpriced
stocks and inflated assets. And with the yield on the 10-year Treasury note
climbing roughly 40 basis points since the start of the year, investors may
be in for a bumpy ride.
众策略分析师估测这次大卖崩是修正资本市场(股市)数月喷喷爽的膨风股跟膨风资产
美10年期公债殖利率喷喷, 投资者看崩
For his part, Wilson is the single most bearish strategist on Wall Street,
with a year-end S&P 500 target of 2,750, just 1 percent above its current
level. He believes it may be time to shift equity exposure toward defensive
stocks and away from cyclical sectors like technology.
大麦是街上最熊(悲观)的策略分析师, 认为该转移至防御性类股, 远离景气循环(科技)股
Cyclical stock performance tends to follow the health of the overall economy,
while defensive stock performance is generally resistant to external
pressures.
景气循环股仰赖整体经济状况, 防御性类股抗压
"Technology does not look very good. In fact, it looks downright awful,"
Wilson warned in his Monday note. "We noticed the bond proxies —Telecom,
Utilities and Staples