上半年,世界经济在美国、欧元区国家、日本等工业发达国家经济疲软,伊拉克战争导致的中东地区动荡、石油价格不稳定和严重呼吸道综合症(SARS)爆发等因素的影响下,复苏乏力,国际金融市场运行迥异:股市先抑后扬,债市高开低走,利率调期活跃。一、 股市整体复苏(一)欧美股市先抑后 In the first half of the year, under the influence of the sluggish economy in developed countries such as the United States, the euro zone countries and Japan, the turmoil in the Middle East caused by the Iraq war, the instability in oil prices and the outbreak of SARS, the world economy suffered from sluggish recovery. The international financial markets operate very differently: the stock market has become more and more popular, with the bond market dipped higher and higher and the interest rate swap active. First, the overall recovery of the stock market (a) European and American stock markets first suppression