摩根大通认为整个市场尚未带来系统性风险

据彭博社4月23日报道，摩根大通(JPMorgan Chase & Co.)表示，油价本周可能出现了一些令人震惊的波动，但其系统性影响看上去并不那么可怕。

策略师约翰?诺曼德(John Normand)周三在一份报告中写道，尽管近月交割的西德克萨斯中质原油(West Texas Intermediate)期货价格本周一度跌至每桶-37美元，创下历史新低，但以典型衰退的标准来看，其它资产类别的走势看似“平淡”。

诺曼德认为，能源行业在标准普尔500指数中的权重降低、全球央行目前正在实施的抑制金融市场波动的资产购买计划以及石油行业本身的实际生产调整，都是让忧心忡忡的投资者感到欣慰的一些因素。

虽然油价的短期风险是下行的，但如果预期油价会在夏季很长一段时间内保持低迷，那就过于悲观了。

洪伟立 摘译自 彭博社

原文如下：

JPMorgan Says Oil-Price Collapse Not a Systemic Risk to Markets

Oil may have clocked some stunning moves this week, but the systemic implications do not look so dire, according to JPMorgan Chase & Co.

Moves across other asset classes look “tame” by the standards of typical recessions, despite front-month West Texas Intermediate futures falling at one point this week to minus $37 a barrel an unprecedented development, strategist John Normand wrote in a note Wednesday.

The reduced weight the energy sector has in the S&P 500 Index, asset-purchase programs currently under way by global central banks to dampen volatility in financial markets and physical production adjustments in the oil industry itself are some of the reasons that should give comfort to worried investors, according to Normand.

While the short-term risk for the oil price is to the downside, it would be overly bearish to expect prices to remain depressed well into the summer, he said.