瑞銀警告投資者有散落的風險，將其標記為迫在眉睫的經濟威脅

隨著通貨膨脹率持續的增長，這種組合可能在不久的將來對市場構成重大挑戰。

Investors were warned by UBS on Thursday of the impending threat of stagflation, a combination of bleak.

瑞銀在周四警告投資者，即即將來臨的陷阱威脅，這是慘淡的結合。

What happened: Persistent inflation and sluggish growth could be a recipe for trouble in the financial markets, according to Iqbal Khan, President of Asia Pacific at UBS Group AG (NYSE: UBS)

發生的事情是：根據瑞銀集團AG（NYSE：UBS）亞太地區總裁伊克巴爾·汗（Iqbal Khan）的說法，持續的通貨膨脹和緩慢的增長可能是金融市場上的麻煩秘訣。

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While the threat of recession has been widely discussed, Khan highlighted an alternative scenario that is unfolding as central banks aggressively raise interest rates to curb inflation.

儘管經過廣泛討論了衰退的威脅，但可汗強調了一種替代方案，這種情況正在不斷發展，因為中央銀行積極提高利率以遏制通貨膨脹。

“The big question in people’s minds is, are we going into a period of stagnation and high inflation, which will indicate stagflation,” Khan said during his remarks at Bloomberg’s Family Office Summit in Hong Kong.

汗在彭博社在香港的家庭辦公室峰會上發表講話時說：“人們想到的是，我們是否進入停滯和高通貨膨脹的時期。”

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Central banks across the globe are tightening their monetary policies to counter inflation, which has been more sticky than anticipated.

全球中央銀行正在收緊其貨幣政策以抵消通貨膨脹，這比預期的要粘得多。

Trade disruptions, supply chain bottlenecks, and geopolitical tensions are still impacting the global economic outlook, adding another layer of complexity.

貿易中斷，供應鏈瓶頸和地緣政治緊張局勢仍在影響全球經濟前景，增加了另一層複雜性。

The U.S. and China are locked in a trade war, with tariffs on key goods, such as rice and wheat, being imposed, ultimately driving up production costs and contributing to the inflation cycle.

美國和中國在貿易戰中被鎖定，對米飯和小麥等關鍵商品的關稅，最終提高了生產成本並為通貨膨脹週期貢獻。

Despite these challenges, Khan highlighted the emerging opportunities in different regions. He noted that Europe is showing signs of renewed focus, and both China and Europe offer relatively lower-cost investment options, even with short-term challenges.

儘管面臨這些挑戰，可汗仍強調了不同地區的新興機會。他指出，歐洲正在展示重點的跡象，即使在短期挑戰方面，中國和歐洲都提供了相對較低的投資選擇。

"We see opportunities in Europe, which is coming out of the lethargy it had in the last 10 years. People are looking at Europe again, and there’s a new focus on Europe, which bodes well for the continent’s recovery," he added.

他補充說：“我們看到歐洲的機會是從過去十年來的昏昏欲睡中出來的。人們再次看著歐洲，這對歐洲有了新的關注，這對歐洲的恢復非常好。”

"We prefer Greater China and Europe because they are relatively lower-cost. The U.S. market is fully valued, and we prefer to be more selective in our investment strategy in that region."

“我們更喜歡大中國和歐洲，因為它們是相對較低的成本。美國市場是完全重視的，我們寧願在該地區的投資策略中更具選擇性。”

What is new: UBS is expanding in Asia, and the investment bank is currently building a new office tower in Hong Kong’s West Kowloon district, which is set to open in 2026.

新事物：瑞銀正在亞洲擴張，投資銀行目前正在香港的西九龍區建造一座新的辦公大樓，該區將於2026年開業。

The bank is also planning to invest in new technologies and talent to support its growth ambitions amid fierce competition from local players like DBS Group Ltd (OTC: DBSGY) and HSBC (NYSE:HSB).

該銀行還計劃投資新技術和人才，以支持DBS Group Ltd（OTC：DBSGY）和匯豐銀行（NYSE：HSB）等本地參與者的激烈競爭。

What is next: As the world’s second-largest economy navigates new lows in youth unemployment and a post-COVID recovery, units in the Chinese currency hit a 16-month low against the dollar on Thursday.

接下來是什麼：隨著世界第二大經濟體在青年失業率和復興後的複蘇中導致新的低點，中國貨幣的單位在周四擊敗了16個月的低點。

Last week, China reported that its second-quarter GDP grew by a meager 0.8% compared to the previous quarter, a significant slowdown from the 1.3% quarter-on-quarter expansion in the first quarter. Economists polled by Bloomberg had anticipated a 0.5% quarter-on-quarter rise.

上週，中國報告說，與上一季度相比，其第二季度的GDP增長了0.8％，比第一季度的1.3％的四分之一季度擴張率顯著放緩。彭博社進行了調查的經濟學家預計，四分之一季度的上升幅度為0.5％。

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