Business this week, Oct 1st 2016

Deutsche Bank denied reports that it had discussed a rescue package with the German government following a request from American regulators that it pay $14 billion to settle claims related to mortgage-backed securities. Speculation about the discussions further spooked investors already jittery about its weak capital position. Trying to address some of those concerns, Deutsche this week sold its Abbey Life insurance business, raising $1.2 billion.


德意志銀行否認他在被美國監管機構要求付140億元來和解有關抵押擔保證卷之控訴之後與德國政府討論救援計畫之相關報導。有關此討論之投機買賣進一步地使對於德銀微弱的資本情勢感到緊張不安的投資者們更受到驚嚇。德銀這禮拜已賣出他所持有的Abbey Life保險事業已籌得12億，仍嘗試著解釋一些他們的考量。

On the defence
Mario Draghi, the president of the European Central Bank, was dragged into the furore over Deutsche when he went to Germany to face lawmakers who have voiced doubts about the ECB’s policies. His first such trip in four years came amid intensifying criticism in Germany that low interest rates are hurting the economy.

採取守勢
歐洲央行總裁Mario Draghi拜訪德國面對對於歐洲央行政策感到質疑之立法者們時， 陷入了德國公憤中。這四年來他第一次有類似此次旅行是在德國對於低利率傷害經濟狀況之評論日益漸增之情況。

The state of California suspended its business dealings with Wells Fargo in response to the bank’s admission that employees created up to 2m fake customer accounts to hit sales targets. The bank’s board stripped John Stumpf, the beleaguered chief executive, of $41m in stock awards and his bonus for the year. Mr Stumpf was once again hauled in front of Congress this week.

加州對Wells Fargo 勒令停業以對銀行承認其行員建立兩百萬假帳號來達成其目標業績來作回應。銀行董事會剝奪飽受指責的執行長John Stumpf 四千一萬元之獎勵股票與分紅。Stumpf這禮拜會再被送到議會送審。

The Chicago Board Options Exchange, best known for its Vix indices of market volatility, agreed to buy BATS Global Markets for $3.2 billion. Based in Kansas, BATS started life only in 2005 and is now America’s second-largest equities exchange.


以市場波動之波動率指數Vix聞名的芝加哥選擇權交易所(Chicago Board Options Exchange，CBOE)同意以32億購買全球市場有限公司(BATS Global Markets，BATS)。BATS 2005年在坎薩斯成立，現已成為美國第二大股票證卷交易所。

Taking markets by surprise, OPEC announced that its members had reached a preliminary deal to reduce oil output, the first cut in production since 2008. Oil prices surged after the announcement. However, few details were provided about how much each country would trim back. OPEC said the specifics would be thrashed out at a meeting in November, but given long-standing disputes between Iran and Saudi Arabia, doubts were raised that the plan would come to pass. 


出乎市場的預料之外，OPEC宣布其會員國對於減少原油產出已經達成初步共識，這是自2008年以來第一次減產。此事宣布後，油價波動。然而，關於每個會員國會減產多少之策略已被提供。OPEC說詳情在11月份的會議會被移除，但基於伊拉克與沙烏地阿拉伯長久以來的爭執，此計畫是否能實現，令人產生質疑。


Strange Words

rescue    n.1. 援救；營救[U][C]; 2.【律】強行奪回（在押人犯或財物）

regulator    n. 監管者; 監管機構

mortgage    n.1. 抵押[U][C]; 2. 抵押借款[C]; 3.  抵押契據[C]
mortgage-backed securities    【股】抵押擔保證券（MBS）

speculation    n.[C][U] 投機；投機買賣[（+in）]

spook    vt. 嚇唬; vi. 受驚

jittery    a. 【口】緊張不安的；神經過敏的

position    n. 形勢，境況[S1][+to-v]

furore    n. (acclaim) 轟動; 公憤

voice    vt. （用言語）表達，說出

amid    prep. 在……之間；在……之中

criticism    n. [U][C] 批評；評論

suspend    vt.  使中止

strip    vt.  奪去，剝奪；掠奪[（+of）]

beleaguered    a. 處於困境的; 飽受指責的

exchange    n.  交易所；市場[C]
volatility    n. [U] 揮發性；揮發度；2. 易變；反覆無常
equity    n. 普通股；股票[P]

deal    n. 【美】政策[the S]
trim    vt. 1. 修剪；修整；整理[（+off）]；2. 削減，縮減；切除[（+off/away）]
specifics    n. 詳情，細節
trash    vt. 1. 修剪（樹等）的枯枝殘葉; 2. 丟棄；把……視為廢物
long-standing    a. 存在已久的，長年的
come to pass    發生; 實現

理財投資基本知識:
MBA lib: 波動率指數（Volatility Index，VIX)
StockQ: VIX波動率指數
綠角: CBOE VIX
綠角有系列解釋，但StockQ講的簡單易懂，MAB lib深淺都有，較全面。
StockQ的介紹:
VIX 指數（芝加哥選擇權交易所波動率指數、Chicago Board Options Exchange Volatility Index)， 用以反映 S&P 500 指數期貨的波動程度，測量未來三十天市場預期的波動程度，通常用來評估未來分險， 因此波動率指數也有人稱作恐慌指數。 
VIX 指數雖然是反映未來三十天的波動程度，卻是以年化百分比表示，並且以常態分布的機率出現。 舉例來說，假設 VIX 指數為 15，表示預期的年波動率為 15%，因此接下來三十天預期的波動率的標準差為4.33%， 也就是 S&P 500 指數三十天後波動在正負4.33%以內的機率是 68% (常態分布 normal distribution 正負一個標準差所涵蓋的機率68%，正負兩個標準差的機率是 95%)。 換句話說，三十天後，有 68% 的可能性 S&P 500 最多漲跌 4.33% 以內。 

通常 VIX 指數超過 40 時，表示市場對未來的非理性恐慌，可能於短期內出現反彈。 相對的，當 VIX 指數低於 15，表示市場出現非理性繁榮(irrational exuberance)， 可能會伴隨著賣壓殺盤。 即使在1998年的金融風暴時，VIX指數也未曾超過60，VIX 指數不一定能準確預測走向，但是多少反映當時市場的氣氛