The FTSE All-Share index is heavy with the kind of cyclical stocks that have been in favour recently.

富时全股指数中充斥着最近备受青睐的周期性股票。

This is more likely to succeed in Britain than in Germany, Japan, South Korea or other places with cheap-looking cyclical stocks.

相比德国、日本、韩国或其他拥有廉价周期性股票的国家，这种方法在英国更容易成功。

There are times to buy blue-chip stocks, cyclical stocks, convertible bonds, and there are times to sit on cash.

有时适合买蓝筹股，有时适合买周期性股票，有时应该买可转换债券，而有的时候只适合持币观望。

A modest pickup might even be good for stock prices especially in Europe, where bourses are tilted towards the cyclical stocks most hurt by unduly low inflation.

小幅回升甚至可能对股价有利，尤其是在欧洲，那里的交易所倾向于那些因通胀过低而受影响最严重的周期性股票。