After years of waiting on European developments, investors aren't convinced that a definitive solution is around the corner. 在关注欧洲的进展长达数年之后，投资者如今不再相信一份
After years of waiting on European developments, investors aren't convinced that a definitive solution is around the corner.
在关注欧洲的进展长达数年之后，投资者如今不再相信一份明确的解决方案指日可待。
'Not that I expect a wholehearted policy response, but I expect greater transparency in terms of what will unfold,' said Tim Schroeders, a fund manager at Pengana Capital in Melbourne, which manages about $1 billion.
Pengana Capital公司驻墨尔本的基金经理施洛德斯(Tim Schroeders)说：我并不是期待一个完整的政策回应，我期待的是增加有关未来局势的透明度。这家公司管理着大约10亿美元资产。
Mr. Schroeders said that while he is maintaining his exposure to some risky assets, he is sticking with easily traded investments and staying away from less-liquid small-cap stocks as he anticipates uncertainty and volatility will remain high for the rest of the year.
施洛德斯说，尽管他仍保持着对一些高风险资产的敞口，但他现在坚持投资于可以轻松交易的投资产品，远离流动性较差的小型股，因为他预计今年余下时间市场的不确定性和波动性仍然会很高。
James White, senior analyst at First State Investments in Sydney, which manages $148.8 billion in assets, said, 'What we will probably get out of September is more confirmation that Europe is able to delay any dramatic restructuring, which will probably be positive for markets in the short term.'
首域投资(First State Investments)驻悉尼的高级分析师怀特(James White)说，9月份的情形可能会让我们更加确信，欧洲能够推迟任何重大的重组措施，从短期来看这对市场可能是积极的。首域投资管理着1,488亿美元的资产。
Investors are also closely watching the leadership transition in China and the presidential election in the U.S., both of which could lead to more stimulus measures in those economies.
投资者正在密切关注中国的领导层换届和美国的总统大选，这两件事都可能为这两大经济体带来更多刺激性措施。
The underlying dynamics are very different for the recent rally than for the one at the beginning of the year, when the MSCI AC Asia ex Japan Index climbed 22% from late November to the end of Fepuary, according to research by HSBC, which holds that the current rally looks 'weaker' than the last.
最近这次反弹的内在原因与年初的那次反弹有很大不同，根据汇丰控股(HSBC)的研究，2月末，摩根士丹利资本国际亚洲（不含日本）指数较去年11月末上涨了22%。汇丰控股认为，如今的反弹看起来比上一次更加脆弱。
That earlier rally, the bank says, was driven largely by the ECB's unexpected announcement of its so-called long-term refinancing operation, in which European banks were able to borrow at low interest rates, which eased pressure on the banks. In the recent rally, the markets have reacted not to central-bank action, but rather in anticipation that something will happen. And this rally is taking place in a more difficult environment of earnings downgrades and falling rather than rising trading volumes.
汇丰控股说，早些时候的反弹主要是因为欧洲央行意外宣布了所谓的长期再融资操作，这一操作使欧洲的银行可以以较低的利率借款，从而减轻了银行的压力。在最近的反弹中，市场并不是对央行的行动做出反应，只是人们预计会有事情发生。这次反弹所处的环境更加艰难，收益预期被下调，成交量不升反降。
Cracks are already showing; the MSCI AC Asia ex Japan Index has lost 2.8% since Aug. 23, as optimism about central-bank action has waned due to a lack of supportive news.
目前已经显现出下跌的迹象。8月23日以来，摩根士丹利资本国际亚洲（不含日本）指数下跌了2.8%，由于缺乏支持性的报道，人们对央行行动的乐观态度已经消退。
Yet valuations remain cheap in Asia, with the MSCI AC Asia ex Japan trading at a forward price-to-earnings ratio of 10.5, compared with a 15-year historical average of 12.7.
不过，亚洲股市的估值仍然很低，摩根士丹利资本国际亚洲（不含日本）指数的预期市盈率是10.5倍，相比之下15年的历史平均值为12.7倍。
'Over a 24-month view, equities are a hugely attractive asset class,' said Aviva's Mr. Pasha, pointing to 'incredibly compelling' valuations and strong corporate balance sheets. 'The real issue is not so much where we will be in 24 months from now, but the critical path that takes us there.'
英杰华的帕沙说，从24个月的数据来看，股票目前是一种非常有吸引力的资产。他给出的理由是估值十分具有吸引力，且公司的资产负债状况表现强劲。他说，真正的问题不是24个月后市场会达到一个什么样的水平，而是以何种途径到达那里。
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