全球负收益债券罕见大范围“转正” 释放出什么信号?

2021年05月26日 9568点热度 0人点赞 1,973条评论

全球负收益率的债券规模最近出现了大幅的减少,这是多年来的首次。这个趋势在欧洲表现得最明显,众所周知,在这里投资者对负收益率债券已经习惯了。欧洲大约占据了全球60%的负收益债券。

这意味着什么?

当债券的收益率上升时,债券价格会下跌。这个转变会受到那些寻求安全收入的新买家的欢迎;但对于目前的债券持有人来说,这不是好事,债券价格下跌意味着他们正在承担损失。另外,对于政府、企业甚至个人来说,他们将承担更高的借贷成本。对发行垃圾债的公司和新兴市场政府来说,这更是一场非常严重的冲击。去年当利率水平低迷时,这些机构曾大举借债,它们已经债台高筑。

如果这种情况持续下去的话,可能还会带来一个严重后果——持续上升的债券收益率会导致负收益率时代的结束。

众所周知,全球范围的负收益率债券数量开始在2014年大幅增加,然后在2016年激增。10年期的德国国债收益率就是典型的负收益率债券,从2019年5月开始,该收益率已经跌破零。但是它从-0.9%的低点爬升至最近的-0.14%,接近临界点。30年德国国债也是,几乎在过去的一整年里,30年期的德国国债收益率一直处于负收益率水平,但是现在已经来到了0.42%的位置。全球负收益率债券总量已经从10月份的超过18万亿美元的高点跌至大约12万亿美元。

全球负收益债券罕见大范围“转正” 释放出什么信号?

这是为什么呢?

欧洲债券跌至负收益是经济疲软和长达五年的货币政策干预的结果。去年,欧洲央行将利率降到最低并且购买了大量债务,这一度抬高债券的价格和降低债券的收益率。

如今,这项政策起作用了,它为在全球金融危机中挣扎求生的国家大幅削减借贷成本。

欧洲的经济已经苏醒过来。欧洲央行预测,在去年大幅下降6%以后,欧盟27国的经济将会在2021年增长超过4%。这样的转折可能代表着在接下来几个月欧元区将成为拉动“世界经济增长的重要动力”。高盛集团在最近给投资者的一份报告中如是说道。

随着欧元区经济复苏,欧债收益率将被抬高,这意味着债券价格的下降。其背后原因也不难理解——投资者预计各国央行将会允许利率再次上升;同时,经济持续增长会带来另一个麻烦:通胀飙升。当债券买方担心通胀上升侵蚀他们的回报时,他们会要求更高的收益率。

所以最近,越来越多投资者们在做空德国10年期国债,押注该国债收益率会上升。5月18日德国2年期国债拍卖遇冷,需求跌至2019年7月以来的最低;第二天10年期国债的拍卖需求跌至一年多以来的最低位。

安本标准投资公司表示最近正在做空德国、法国和意大利的债券。安本标准投资公司名义利率主管Liam O’Donnell说道:

“我现在在做空欧洲的债券,因为在接下来的几个季度,我们将看到非常惊人的增长数据。随着全球通胀的上升,欧洲负收益率债券可能会遭到更严重的暴击。”

负收益债券纷纷“转正”,这对意大利和希腊等较弱的经济体来说尤为不妙,在这些国家,投资者更为担心的是政府的债务负担。正因如此,美国基金LongTail Alpha表示,它正在押注该地区所谓的外围债券市场将出现内爆,从而导致借贷成本急剧上升。

这种情况将会使得欧洲央行的任务变得更加繁重:当欧洲整体经济逐步改善,欧洲央行可能会允许利率逐步上升,但是大多数脆弱经济体收益率的飙升会迫使央行推迟或者减缓宽松政策。

摩根大通资产管理公司首席投资长Bob Michele表示,“持有长期债券会变得越来越不容易”,因为长期债券对经济和通胀预期的方向改变最为敏感。澳大利亚的100年期债券恰好就是一个这样的例子,在2020年新冠肺炎疫情避险潮中,这个世纪债券曾表现最突出,但在今年已经出现下挫,其收益率已经上涨近两倍。投资者若在去年买入,现在承担的损失将超过30%。

现在并不明确收益率到底会上涨到什么程度。“永远不要做空债券”曾经是交易员一句座右铭,但那些在过去押注德国国债收益率会下降的投资者都损失惨重。当德国国债收益率突破零的时候,仍然有大量买家迫切地买入德国国债以图抄底,尤其是养老基金,因为养老基金需要一个正的收益率来帮助对冲他们未来的债务。然而,没人知道这个做法是否正确。

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    Just look at the multi-hour-long lines to see Moo Deng, a pygmy hippo in Thailand who has become an internet sensation following her July 2024 birth. The sassy animal is now a full-on brand, with Khao Kheow Open Zoo selling Moo Deng merchandise and even releasing a single “by” the hippo in multiple languages.

    Meanwhile, Pesto — a baby king penguin who was eating more fish than his parents by the time he was a few weeks old — is also an online celebrity, with human stars like Olivia Rodrigo and Katy Perry stopping by to meet him.

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    It’s normal for king penguins to lose their feathers by the time they’re about a year old and become confident swimmers. As a result, a spokesperson for the aquarium says, guests have started asking why Pesto looks different — or why they can’t find him at all.

    “We are getting a few guests thinking we have moved him off display completely,” says the spokesperson. “Most of the team’s time is spent pointing him out to guests because he looks so different now.”
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    Bomb disposal company Brimstone Site Investigation then uncovered 65 10-pound practice bombs and smoke cartridges on the first day of works, with a further 90 practice bombs recovered on the second day.

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    One of the best things that can happen to a zoo or aquarium is for one of their resident animals to go viral.

    Just look at the multi-hour-long lines to see Moo Deng, a pygmy hippo in Thailand who has become an internet sensation following her July 2024 birth. The sassy animal is now a full-on brand, with Khao Kheow Open Zoo selling Moo Deng merchandise and even releasing a single “by” the hippo in multiple languages.

    Meanwhile, Pesto — a baby king penguin who was eating more fish than his parents by the time he was a few weeks old — is also an online celebrity, with human stars like Olivia Rodrigo and Katy Perry stopping by to meet him.

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    It’s normal for king penguins to lose their feathers by the time they’re about a year old and become confident swimmers. As a result, a spokesperson for the aquarium says, guests have started asking why Pesto looks different — or why they can’t find him at all.

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    Several observations of the vehicle, gathered by sweeping surveys of the night sky, were inadvertently stashed away in a database meant for miscellaneous and unknown objects, according to the International Astronomical Union’s Minor Planet Center.

    An amateur astronomer noticed a string of data points in January that appeared to fit together, describing the orbit of a relatively small object that was swooping between the orbital paths of Earth and Mars.

    The citizen scientist assumed the mystery object was an undocumented asteroid and promptly sent his findings to the MPC, which operates at the Harvard Smithsonian Center for Astrophysics in Cambridge, Massachusetts, as a clearinghouse that seeks to catalog all known asteroids, comets and other small celestial bodies. An astronomer there verified the finding.

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    Seven years after SpaceX launched Elon Musk’s cherry red sports car into orbit around our sun, astronomers unwittingly began paying attention to its movements once again.

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    Several observations of the vehicle, gathered by sweeping surveys of the night sky, were inadvertently stashed away in a database meant for miscellaneous and unknown objects, according to the International Astronomical Union’s Minor Planet Center.

    An amateur astronomer noticed a string of data points in January that appeared to fit together, describing the orbit of a relatively small object that was swooping between the orbital paths of Earth and Mars.

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    Within 24 hours, however, the center retracted the designation.

    The person who originally flagged the object realized their own error, MPC astronomer Peter Veres told CNN, noticing that they had, in fact, found several uncorrelated observations of Musk’s car. And the center’s systems hadn’t caught the error.

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    Seven years after SpaceX launched Elon Musk’s cherry red sports car into orbit around our sun, astronomers unwittingly began paying attention to its movements once again.

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    Several observations of the vehicle, gathered by sweeping surveys of the night sky, were inadvertently stashed away in a database meant for miscellaneous and unknown objects, according to the International Astronomical Union’s Minor Planet Center.

    An amateur astronomer noticed a string of data points in January that appeared to fit together, describing the orbit of a relatively small object that was swooping between the orbital paths of Earth and Mars.

    The citizen scientist assumed the mystery object was an undocumented asteroid and promptly sent his findings to the MPC, which operates at the Harvard Smithsonian Center for Astrophysics in Cambridge, Massachusetts, as a clearinghouse that seeks to catalog all known asteroids, comets and other small celestial bodies. An astronomer there verified the finding.

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    Within 24 hours, however, the center retracted the designation.

    The person who originally flagged the object realized their own error, MPC astronomer Peter Veres told CNN, noticing that they had, in fact, found several uncorrelated observations of Musk’s car. And the center’s systems hadn’t caught the error.

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    2025年2月21日
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    “It started to become a bit of an obsession,” recalled the photographer, who recently published a book of his starling images. “And every night that we went down, we learned a little bit more. We realized where we had to be and where (the starlings) were going to be. It just started to snowball from there.”
    ‘I’ve got something special here’
    Scientists do not know exactly why starlings form murmurations, though they are thought to offer collective protection against predators, such as falcons. The phenomenon can last from just a few seconds to 45 minutes, sometimes involving tens of thousands of individual birds. In Ireland, starlings’ numbers are boosted during winter, as migrating flocks arrive from breeding grounds around Western Europe and Scandinavia.

    Crombie often saw the birds form patterns and abstract shapes, their varying densities appearing like the subtle gradations of paint strokes. The photographer became convinced that, with enough patience, he could capture a recognizable shape.

    2025年2月23日
  • MichaelSof

    Lucky Jet – твой шанс на большие выигрыши!
    Попробуй захватывающую краш-игру прямо сейчас! Регистрируйся и получи бонус до 500% на первый депозит с промокодом: LuckyJetTeam.
    <a href=https://lucky-jetts.com>lucky jet игра</a>
    Об игре
    Lucky Jet — это не просто игра, а захватывающее приключение, в котором каждый момент может стать решающим! Эта краш-игра бросает вызов вашим инстинктам и способности быстро принимать решения. В основе игры — динамичная механика, где игроки ставят на рост коэффициента, но задача не в том, чтобы ждать до последнего, а вовремя вывести свой выигрыш, прежде чем персонаж взлетит слишком высоко и случится крах.

    Чем выше коэффициент, тем более значительная награда! Но не забывайте: в этом азартном путешествии важен каждый момент, ведь именно ваше решение о выводе решит, насколько велик будет ваш выигрыш. Это не просто игра, а настоящее испытание на скорость и удачу! Простые правила, быстрые раунды и реальные выигрыши – вот почему игроки выбирают Lucky Jet.
    Бонусы и промокоды в Lucky Jet
    В Lucky Jet вас ждут щедрые бонусы и эксклюзивные промокоды, которые помогут увеличить ваш баланс и продлить удовольствие от игры! Мы ценим активных игроков и регулярно запускаем новые акции, чтобы сделать ваш игровой процесс еще выгоднее.
    Актуальные бонусные предложения
    Бонус 500% на первый депозит
    Используйте промокод LuckyJetTeam при пополнении счета и получите увеличение депозита в 5 раз! Это отличная возможность начать игру с солидным запасом.
    Еженедельные акции и фриспины
    Чем больше вы играете, тем больше подарков получаете! Участвуйте в регулярных промо-акциях и получайте фриспины, бонусные деньги и дополнительные награды за активность.
    Кэшбэк до 10%
    Проиграли? Не беда! В Lucky Jet вы можете вернуть часть потерянных средств благодаря системе кэшбэка. Еженедельно вам будет начисляться до 10% возврата от проигранных ставок.
    Следите за новыми акциями! Мы постоянно обновляем бонусные предложения, поэтому не упустите возможность воспользоваться самыми выгодными промо. Подписывайтесь на новости и следите за актуальными акциями, чтобы всегда быть в выигрыше!

    Используйте бонусы и повышайте свои шансы на победу в Lucky Jet!

    Как начать играть в Lucky Jet
    Готовы испытать удачу и выиграть по-крупному? Следуйте этим простым шагам:

    Зарегистрируйтесь на официальном сайте 1win. Процесс регистрации занимает всего пару минут.
    Пополните счет удобным для вас способом: банковской картой, электронными кошельками или даже криптовалютой.
    Откройте Lucky Jet в разделе казино и приготовьтесь к динамичному игровому процессу.
    Сделайте ставку и следите за ростом коэффициента. Чем выше он поднимается – тем больше ваш потенциальный выигрыш.
    Выведите выигрыш до того, как Lucky Jet взлетит! Главное – не жадничать и вовремя остановиться, иначе ставка сгорит.
    Используйте стратегии, анализируйте предыдущие раунды и комбинируйте ставки, чтобы увеличить свои шансы на победу!

    2025年2月23日
  • CharlesGam

    Lucky Jet – твой шанс на большие выигрыши!
    Попробуй захватывающую краш-игру прямо сейчас! Регистрируйся и получи бонус до 500% на первый депозит с промокодом: LuckyJetTeam.
    <a href=https://lucky-jetts.com>лаки джет играть</a>
    Об игре
    Lucky Jet — это не просто игра, а захватывающее приключение, в котором каждый момент может стать решающим! Эта краш-игра бросает вызов вашим инстинктам и способности быстро принимать решения. В основе игры — динамичная механика, где игроки ставят на рост коэффициента, но задача не в том, чтобы ждать до последнего, а вовремя вывести свой выигрыш, прежде чем персонаж взлетит слишком высоко и случится крах.

    Чем выше коэффициент, тем более значительная награда! Но не забывайте: в этом азартном путешествии важен каждый момент, ведь именно ваше решение о выводе решит, насколько велик будет ваш выигрыш. Это не просто игра, а настоящее испытание на скорость и удачу! Простые правила, быстрые раунды и реальные выигрыши – вот почему игроки выбирают Lucky Jet.
    Бонусы и промокоды в Lucky Jet
    В Lucky Jet вас ждут щедрые бонусы и эксклюзивные промокоды, которые помогут увеличить ваш баланс и продлить удовольствие от игры! Мы ценим активных игроков и регулярно запускаем новые акции, чтобы сделать ваш игровой процесс еще выгоднее.
    Актуальные бонусные предложения
    Бонус 500% на первый депозит
    Используйте промокод LuckyJetTeam при пополнении счета и получите увеличение депозита в 5 раз! Это отличная возможность начать игру с солидным запасом.
    Еженедельные акции и фриспины
    Чем больше вы играете, тем больше подарков получаете! Участвуйте в регулярных промо-акциях и получайте фриспины, бонусные деньги и дополнительные награды за активность.
    Кэшбэк до 10%
    Проиграли? Не беда! В Lucky Jet вы можете вернуть часть потерянных средств благодаря системе кэшбэка. Еженедельно вам будет начисляться до 10% возврата от проигранных ставок.
    Следите за новыми акциями! Мы постоянно обновляем бонусные предложения, поэтому не упустите возможность воспользоваться самыми выгодными промо. Подписывайтесь на новости и следите за актуальными акциями, чтобы всегда быть в выигрыше!

    Используйте бонусы и повышайте свои шансы на победу в Lucky Jet!

    Как начать играть в Lucky Jet
    Готовы испытать удачу и выиграть по-крупному? Следуйте этим простым шагам:

    Зарегистрируйтесь на официальном сайте 1win. Процесс регистрации занимает всего пару минут.
    Пополните счет удобным для вас способом: банковской картой, электронными кошельками или даже криптовалютой.
    Откройте Lucky Jet в разделе казино и приготовьтесь к динамичному игровому процессу.
    Сделайте ставку и следите за ростом коэффициента. Чем выше он поднимается – тем больше ваш потенциальный выигрыш.
    Выведите выигрыш до того, как Lucky Jet взлетит! Главное – не жадничать и вовремя остановиться, иначе ставка сгорит.
    Используйте стратегии, анализируйте предыдущие раунды и комбинируйте ставки, чтобы увеличить свои шансы на победу!

    2025年2月23日
  • Geraldnoilt

    ‘You get one split second’: The story behind a viral bird photo
    <a href=https://kra27c.cc>kraken tor</a>
    By his own admission, James Crombie knew “very, very little” about starlings before Covid-19 struck. An award-winning sports photographer by trade, his only previous encounter with the short-tailed birds occurred when one fell into his fireplace after attempting to nest in the chimney of his home in the Irish Midlands.

    “I always had too much going on with sport to think about wildlife,” said Crombie, who has covered three Olympic Games and usually shoots rugby and the Irish game of hurling, in a Zoom interview.

    With the pandemic bringing major events to a halt, however, the photographer found himself at a loose end. So, when a recently bereaved friend proposed visiting a nearby lake to see flocks of starlings in flight (known as murmurations), Crombie brought along his camera — one that was conveniently well-suited to the job.

    “You get one split second,” he said of the similarities between sport and nature photography. “They’re both shot at relatively high speeds and they’re both shot with equipment that can handle that.”

    On that first evening, in late 2020, they saw around 100 starlings take to the sky before roosting at dusk. The pair returned to the lake — Lough Ennell in Ireland’s County Westmeath — over successive nights, choosing different vantage points from which to view the birds. The routine became a form of therapy for his grieving friend and a source of fascination for Crombie.

    “It started to become a bit of an obsession,” recalled the photographer, who recently published a book of his starling images. “And every night that we went down, we learned a little bit more. We realized where we had to be and where (the starlings) were going to be. It just started to snowball from there.”
    ‘I’ve got something special here’
    Scientists do not know exactly why starlings form murmurations, though they are thought to offer collective protection against predators, such as falcons. The phenomenon can last from just a few seconds to 45 minutes, sometimes involving tens of thousands of individual birds. In Ireland, starlings’ numbers are boosted during winter, as migrating flocks arrive from breeding grounds around Western Europe and Scandinavia.

    Crombie often saw the birds form patterns and abstract shapes, their varying densities appearing like the subtle gradations of paint strokes. The photographer became convinced that, with enough patience, he could capture a recognizable shape.

    2025年2月23日
  • Jamesjep

    ‘You get one split second’: The story behind a viral bird photo
    <a href=https://kra27c.cc>kraken сайт</a>
    By his own admission, James Crombie knew “very, very little” about starlings before Covid-19 struck. An award-winning sports photographer by trade, his only previous encounter with the short-tailed birds occurred when one fell into his fireplace after attempting to nest in the chimney of his home in the Irish Midlands.

    “I always had too much going on with sport to think about wildlife,” said Crombie, who has covered three Olympic Games and usually shoots rugby and the Irish game of hurling, in a Zoom interview.

    With the pandemic bringing major events to a halt, however, the photographer found himself at a loose end. So, when a recently bereaved friend proposed visiting a nearby lake to see flocks of starlings in flight (known as murmurations), Crombie brought along his camera — one that was conveniently well-suited to the job.

    “You get one split second,” he said of the similarities between sport and nature photography. “They’re both shot at relatively high speeds and they’re both shot with equipment that can handle that.”

    On that first evening, in late 2020, they saw around 100 starlings take to the sky before roosting at dusk. The pair returned to the lake — Lough Ennell in Ireland’s County Westmeath — over successive nights, choosing different vantage points from which to view the birds. The routine became a form of therapy for his grieving friend and a source of fascination for Crombie.

    “It started to become a bit of an obsession,” recalled the photographer, who recently published a book of his starling images. “And every night that we went down, we learned a little bit more. We realized where we had to be and where (the starlings) were going to be. It just started to snowball from there.”
    ‘I’ve got something special here’
    Scientists do not know exactly why starlings form murmurations, though they are thought to offer collective protection against predators, such as falcons. The phenomenon can last from just a few seconds to 45 minutes, sometimes involving tens of thousands of individual birds. In Ireland, starlings’ numbers are boosted during winter, as migrating flocks arrive from breeding grounds around Western Europe and Scandinavia.

    Crombie often saw the birds form patterns and abstract shapes, their varying densities appearing like the subtle gradations of paint strokes. The photographer became convinced that, with enough patience, he could capture a recognizable shape.

    2025年2月23日
  • EdwardBlibe

    Lucky Jet – твой шанс на большие выигрыши!
    Попробуй захватывающую краш-игру прямо сейчас! Регистрируйся и получи бонус до 500% на первый депозит с промокодом: LuckyJetTeam.
    <a href=https://lucky-jetts.com>лаки джет играть</a>
    Об игре
    Lucky Jet — это не просто игра, а захватывающее приключение, в котором каждый момент может стать решающим! Эта краш-игра бросает вызов вашим инстинктам и способности быстро принимать решения. В основе игры — динамичная механика, где игроки ставят на рост коэффициента, но задача не в том, чтобы ждать до последнего, а вовремя вывести свой выигрыш, прежде чем персонаж взлетит слишком высоко и случится крах.

    Чем выше коэффициент, тем более значительная награда! Но не забывайте: в этом азартном путешествии важен каждый момент, ведь именно ваше решение о выводе решит, насколько велик будет ваш выигрыш. Это не просто игра, а настоящее испытание на скорость и удачу! Простые правила, быстрые раунды и реальные выигрыши – вот почему игроки выбирают Lucky Jet.
    Бонусы и промокоды в Lucky Jet
    В Lucky Jet вас ждут щедрые бонусы и эксклюзивные промокоды, которые помогут увеличить ваш баланс и продлить удовольствие от игры! Мы ценим активных игроков и регулярно запускаем новые акции, чтобы сделать ваш игровой процесс еще выгоднее.
    Актуальные бонусные предложения
    Бонус 500% на первый депозит
    Используйте промокод LuckyJetTeam при пополнении счета и получите увеличение депозита в 5 раз! Это отличная возможность начать игру с солидным запасом.
    Еженедельные акции и фриспины
    Чем больше вы играете, тем больше подарков получаете! Участвуйте в регулярных промо-акциях и получайте фриспины, бонусные деньги и дополнительные награды за активность.
    Кэшбэк до 10%
    Проиграли? Не беда! В Lucky Jet вы можете вернуть часть потерянных средств благодаря системе кэшбэка. Еженедельно вам будет начисляться до 10% возврата от проигранных ставок.
    Следите за новыми акциями! Мы постоянно обновляем бонусные предложения, поэтому не упустите возможность воспользоваться самыми выгодными промо. Подписывайтесь на новости и следите за актуальными акциями, чтобы всегда быть в выигрыше!

    Используйте бонусы и повышайте свои шансы на победу в Lucky Jet!

    Как начать играть в Lucky Jet
    Готовы испытать удачу и выиграть по-крупному? Следуйте этим простым шагам:

    Зарегистрируйтесь на официальном сайте 1win. Процесс регистрации занимает всего пару минут.
    Пополните счет удобным для вас способом: банковской картой, электронными кошельками или даже криптовалютой.
    Откройте Lucky Jet в разделе казино и приготовьтесь к динамичному игровому процессу.
    Сделайте ставку и следите за ростом коэффициента. Чем выше он поднимается – тем больше ваш потенциальный выигрыш.
    Выведите выигрыш до того, как Lucky Jet взлетит! Главное – не жадничать и вовремя остановиться, иначе ставка сгорит.
    Используйте стратегии, анализируйте предыдущие раунды и комбинируйте ставки, чтобы увеличить свои шансы на победу!

    2025年2月23日
  • DavidWheli

    ‘You get one split second’: The story behind a viral bird photo
    <a href=https://kra27c.cc>kraken market</a>
    By his own admission, James Crombie knew “very, very little” about starlings before Covid-19 struck. An award-winning sports photographer by trade, his only previous encounter with the short-tailed birds occurred when one fell into his fireplace after attempting to nest in the chimney of his home in the Irish Midlands.

    “I always had too much going on with sport to think about wildlife,” said Crombie, who has covered three Olympic Games and usually shoots rugby and the Irish game of hurling, in a Zoom interview.

    With the pandemic bringing major events to a halt, however, the photographer found himself at a loose end. So, when a recently bereaved friend proposed visiting a nearby lake to see flocks of starlings in flight (known as murmurations), Crombie brought along his camera — one that was conveniently well-suited to the job.

    “You get one split second,” he said of the similarities between sport and nature photography. “They’re both shot at relatively high speeds and they’re both shot with equipment that can handle that.”

    On that first evening, in late 2020, they saw around 100 starlings take to the sky before roosting at dusk. The pair returned to the lake — Lough Ennell in Ireland’s County Westmeath — over successive nights, choosing different vantage points from which to view the birds. The routine became a form of therapy for his grieving friend and a source of fascination for Crombie.

    “It started to become a bit of an obsession,” recalled the photographer, who recently published a book of his starling images. “And every night that we went down, we learned a little bit more. We realized where we had to be and where (the starlings) were going to be. It just started to snowball from there.”
    ‘I’ve got something special here’
    Scientists do not know exactly why starlings form murmurations, though they are thought to offer collective protection against predators, such as falcons. The phenomenon can last from just a few seconds to 45 minutes, sometimes involving tens of thousands of individual birds. In Ireland, starlings’ numbers are boosted during winter, as migrating flocks arrive from breeding grounds around Western Europe and Scandinavia.

    Crombie often saw the birds form patterns and abstract shapes, their varying densities appearing like the subtle gradations of paint strokes. The photographer became convinced that, with enough patience, he could capture a recognizable shape.

    2025年2月23日
  • EugeneZorne

    Lucky Jet – твой шанс на большие выигрыши!
    Попробуй захватывающую краш-игру прямо сейчас! Регистрируйся и получи бонус до 500% на первый депозит с промокодом: LuckyJetTeam.
    <a href=https://lucky-jetts.com>лаки джет играть</a>
    Об игре
    Lucky Jet — это не просто игра, а захватывающее приключение, в котором каждый момент может стать решающим! Эта краш-игра бросает вызов вашим инстинктам и способности быстро принимать решения. В основе игры — динамичная механика, где игроки ставят на рост коэффициента, но задача не в том, чтобы ждать до последнего, а вовремя вывести свой выигрыш, прежде чем персонаж взлетит слишком высоко и случится крах.

    Чем выше коэффициент, тем более значительная награда! Но не забывайте: в этом азартном путешествии важен каждый момент, ведь именно ваше решение о выводе решит, насколько велик будет ваш выигрыш. Это не просто игра, а настоящее испытание на скорость и удачу! Простые правила, быстрые раунды и реальные выигрыши – вот почему игроки выбирают Lucky Jet.
    Бонусы и промокоды в Lucky Jet
    В Lucky Jet вас ждут щедрые бонусы и эксклюзивные промокоды, которые помогут увеличить ваш баланс и продлить удовольствие от игры! Мы ценим активных игроков и регулярно запускаем новые акции, чтобы сделать ваш игровой процесс еще выгоднее.
    Актуальные бонусные предложения
    Бонус 500% на первый депозит
    Используйте промокод LuckyJetTeam при пополнении счета и получите увеличение депозита в 5 раз! Это отличная возможность начать игру с солидным запасом.
    Еженедельные акции и фриспины
    Чем больше вы играете, тем больше подарков получаете! Участвуйте в регулярных промо-акциях и получайте фриспины, бонусные деньги и дополнительные награды за активность.
    Кэшбэк до 10%
    Проиграли? Не беда! В Lucky Jet вы можете вернуть часть потерянных средств благодаря системе кэшбэка. Еженедельно вам будет начисляться до 10% возврата от проигранных ставок.
    Следите за новыми акциями! Мы постоянно обновляем бонусные предложения, поэтому не упустите возможность воспользоваться самыми выгодными промо. Подписывайтесь на новости и следите за актуальными акциями, чтобы всегда быть в выигрыше!

    Используйте бонусы и повышайте свои шансы на победу в Lucky Jet!

    Как начать играть в Lucky Jet
    Готовы испытать удачу и выиграть по-крупному? Следуйте этим простым шагам:

    Зарегистрируйтесь на официальном сайте 1win. Процесс регистрации занимает всего пару минут.
    Пополните счет удобным для вас способом: банковской картой, электронными кошельками или даже криптовалютой.
    Откройте Lucky Jet в разделе казино и приготовьтесь к динамичному игровому процессу.
    Сделайте ставку и следите за ростом коэффициента. Чем выше он поднимается – тем больше ваш потенциальный выигрыш.
    Выведите выигрыш до того, как Lucky Jet взлетит! Главное – не жадничать и вовремя остановиться, иначе ставка сгорит.
    Используйте стратегии, анализируйте предыдущие раунды и комбинируйте ставки, чтобы увеличить свои шансы на победу!

    2025年2月23日
  • Ernestfem

    Lucky Jet – твой шанс на большие выигрыши!
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    Lucky Jet — это не просто игра, а захватывающее приключение, в котором каждый момент может стать решающим! Эта краш-игра бросает вызов вашим инстинктам и способности быстро принимать решения. В основе игры — динамичная механика, где игроки ставят на рост коэффициента, но задача не в том, чтобы ждать до последнего, а вовремя вывести свой выигрыш, прежде чем персонаж взлетит слишком высоко и случится крах.

    Чем выше коэффициент, тем более значительная награда! Но не забывайте: в этом азартном путешествии важен каждый момент, ведь именно ваше решение о выводе решит, насколько велик будет ваш выигрыш. Это не просто игра, а настоящее испытание на скорость и удачу! Простые правила, быстрые раунды и реальные выигрыши – вот почему игроки выбирают Lucky Jet.
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    Как начать играть в Lucky Jet
    Готовы испытать удачу и выиграть по-крупному? Следуйте этим простым шагам:

    Зарегистрируйтесь на официальном сайте 1win. Процесс регистрации занимает всего пару минут.
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    2025年2月23日
  • Kevinskins

    ‘You get one split second’: The story behind a viral bird photo
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    By his own admission, James Crombie knew “very, very little” about starlings before Covid-19 struck. An award-winning sports photographer by trade, his only previous encounter with the short-tailed birds occurred when one fell into his fireplace after attempting to nest in the chimney of his home in the Irish Midlands.

    “I always had too much going on with sport to think about wildlife,” said Crombie, who has covered three Olympic Games and usually shoots rugby and the Irish game of hurling, in a Zoom interview.

    With the pandemic bringing major events to a halt, however, the photographer found himself at a loose end. So, when a recently bereaved friend proposed visiting a nearby lake to see flocks of starlings in flight (known as murmurations), Crombie brought along his camera — one that was conveniently well-suited to the job.

    “You get one split second,” he said of the similarities between sport and nature photography. “They’re both shot at relatively high speeds and they’re both shot with equipment that can handle that.”

    On that first evening, in late 2020, they saw around 100 starlings take to the sky before roosting at dusk. The pair returned to the lake — Lough Ennell in Ireland’s County Westmeath — over successive nights, choosing different vantage points from which to view the birds. The routine became a form of therapy for his grieving friend and a source of fascination for Crombie.

    “It started to become a bit of an obsession,” recalled the photographer, who recently published a book of his starling images. “And every night that we went down, we learned a little bit more. We realized where we had to be and where (the starlings) were going to be. It just started to snowball from there.”
    ‘I’ve got something special here’
    Scientists do not know exactly why starlings form murmurations, though they are thought to offer collective protection against predators, such as falcons. The phenomenon can last from just a few seconds to 45 minutes, sometimes involving tens of thousands of individual birds. In Ireland, starlings’ numbers are boosted during winter, as migrating flocks arrive from breeding grounds around Western Europe and Scandinavia.

    Crombie often saw the birds form patterns and abstract shapes, their varying densities appearing like the subtle gradations of paint strokes. The photographer became convinced that, with enough patience, he could capture a recognizable shape.

    2025年2月23日
  • Shawnweank

    Airbus exploring double-level airplane seat design
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    If you’ve seen images of the infamous double-level airplane seat concept and thought “that’s never going to happen” — maybe think again.

    Aviation start-up Chaise Longue, the brains behind the controversial dual-level seat, announced today it’s “exploring some early stage concepts” with aviation giant Airbus.

    This collaboration with an aircraft manufacturing heavyweight is a significant step in this seat design’s journey from college student project to potential in-air reality.

    Designer and Chaise Longue CEO Alejandro Nunez Vicente tells CNN Travel he’s thankful Airbus sees “the true potential of two-level seating.”

    An Airbus representative confirmed to CNN Travel that “Chaise Longue is exploring some early stage concepts with Airbus on two-level seating solutions for Airbus commercial aircraft.”

    The representative added that “given the nature of this early phase level,” Airbus preferred “not to further comment at this stage.”
    The crux of Nunez Vicente’s Chaise Longue seat design is the removal of the overhead cabin to allow two levels of seats in a single aircraft cabin.

    The idea is that travelers would have the option of booking the top row or the bottom row — and while the lower level might look less-than-appealing in photos, bottom passengers would be able to stretch out their legs and enjoy extra leg room. The top level is also designed to give “larger recline angles” and “leg-stretching possibility” than your average economy airplane seat, says Nunez Vicente.

    Nunez Vicente initially developed the design for economy cabins before last year premiering a business class/first class iteration.

    CNN Travel tested out early prototypes of both concepts and concluded that while the lower level has definite claustrophobia potential, the increased leg room could cancel out the potential cabin fever for some passengers.

    2025年2月23日
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    2025年2月24日