Global equity markets fell sharply yesterday and investors sought the safety of government bonds as a deteriorating outlook for economic growth, led by the US, fanned an aversion for holding risky assets.

　　全球股市昨日大幅下跌，投資者涌入國(guó)債市場(chǎng)避險(xiǎn)。經(jīng)濟(jì)增長(zhǎng)前景惡化，美國(guó)尤為嚴(yán)重，使投資者不愿持有高風(fēng)險(xiǎn)資產(chǎn)。

　　Bond yields in Germany and the US touched record lows. Sliding commodity prices helped propel the largest one-day rise in the dollar versus the euro since the “flash crash” of May 6, while the yen rose to its strongest level in 15 years.

　　德國(guó)和美國(guó)國(guó)債收益率雙雙創(chuàng)下歷史新低。大宗商品價(jià)格下跌，推動(dòng)美元對(duì)歐元匯率創(chuàng)下5月6日“閃電崩盤(pán)”以來(lái)最大單日升幅，日元?jiǎng)t漲至15年來(lái)最高位。

　　“Developed and emerging markets showed investor concern about slowing economic growth and increased fears of the advent of some kind of dip, if not a double dip,” said John Stoltzfus, strategist at Ticonderoga Securities.

　　“不管是在發(fā)達(dá)市場(chǎng)還是在新興市場(chǎng)，投資者都在擔(dān)心經(jīng)濟(jì)增長(zhǎng)放緩。人們更加擔(dān)心，經(jīng)濟(jì)即使不會(huì)陷入雙底衰退，也可能出現(xiàn)某種滑坡，”Ticonderoga證券公司的策略師約翰•斯托爾茨福斯(John Stoltzfus)表示。

　　The mood of risk aversion gathered pace after reports yesterday that Chinese industrial output had grown at its slowest rate for 11 months. Weaker reports followed in Japan and Europe. Data for June yesterday showed the US trade gap at a 21-month high of $49.9bn, indicating that the world's largest economy cannot rely on foreign trade to offset slowing activity.

　　昨日中國(guó)公布工業(yè)生產(chǎn)增速為11個(gè)月來(lái)最低后，市場(chǎng)避險(xiǎn)心態(tài)變得更加濃厚。日本和歐洲隨后公布了更為疲弱的數(shù)據(jù)。昨日出爐的數(shù)據(jù)還顯示，美國(guó)6月份貿(mào)易逆差創(chuàng)21個(gè)月新高，達(dá)499億美元，顯示全球最大經(jīng)濟(jì)體無(wú)法依靠外貿(mào)來(lái)彌補(bǔ)國(guó)內(nèi)經(jīng)濟(jì)活動(dòng)的放緩。

　　The US Federal Reserve lowered its outlook for the economy following its policy meeting on Tuesday and said it would start buying Treasury debt in order to maintain the size of its massive $2,300bn balance sheet.

　　美聯(lián)儲(chǔ)(Fed)周二結(jié)束政策會(huì)議后，宣布下調(diào)對(duì)經(jīng)濟(jì)前景的預(yù)測(cè)，并表示將開(kāi)始買(mǎi)進(jìn)國(guó)債，以維持其龐大資產(chǎn)負(fù)債表的規(guī)模（2.3萬(wàn)億美元）。

　　The Fed's extension of its easy monetary policy was expected to boost the appetite for risky assets. Yesterday's weaker global data unnerved investors, however, amid uncertainty as to whether the central bank will have to embark on much larger bond purchases later this year should the economy falter further.

　　人們本來(lái)預(yù)料，美聯(lián)儲(chǔ)進(jìn)一步放松貨幣政策，將增強(qiáng)投資者對(duì)風(fēng)險(xiǎn)資產(chǎn)的胃口。但昨日全球各地拋出的經(jīng)濟(jì)數(shù)據(jù)讓投資者失去了信心。目前的不確定性在于，倘若今年晚些時(shí)候經(jīng)濟(jì)進(jìn)一步放緩，美聯(lián)儲(chǔ)是否必須展開(kāi)更大規(guī)模的國(guó)債購(gòu)買(mǎi)行動(dòng)？

　　“Having the Fed cut its forecasts again is too tough for the equity market to take,” said David Rosenberg, chief economist at Gluskin Sheff. “If you're bullish, you're now sweating. The economy is slowing and there may have to be a reappraisal of corporate earnings streams.”

　　“美聯(lián)儲(chǔ)再次下調(diào)經(jīng)濟(jì)預(yù)測(cè)，令股市難以承受，”Gluskin Sheff首席經(jīng)濟(jì)學(xué)家戴維•羅森伯格(David Rosenberg)表示。“假如你是做多的，你現(xiàn)在就該著急了。經(jīng)濟(jì)正在放緩，而且可能有必要重估企業(yè)盈利預(yù)測(cè)。”

　　At midday in New York, the S&P 500 was down 2.5 per cent and following sharp falls in Europe and Asia the FTSE All World index was down 2.6 per cent, its largest one-day decline since late June.

　　紐約午盤(pán)時(shí)分，標(biāo)普500指數(shù)下跌2.5%。歐洲和亞洲股市均大幅下跌。富時(shí)環(huán)球指數(shù)下跌2.6%，為6月末以來(lái)最大單日跌幅。

　　In Japan, industrial orders for July that were sharply weaker than forecast helped push the Nikkei 225 average down by 2.7 per cent.

　　日本市場(chǎng)上，受7月份工業(yè)訂單遠(yuǎn)遜預(yù)期的影響，日經(jīng)225指數(shù)下跌2.7%。

　　The dollar surged 2.4 per cent to $1.2867 against the euro, which was left at its lowest level since the day of the release of European bank stress tests.

　　美元對(duì)歐元匯率大漲2.4%，至1歐元兌1.2867美元。歐元目前處于自歐洲公布銀行壓力測(cè)試結(jié)果以來(lái)的最低位。