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，投資者涌入國債市場避險。經濟增長前景惡化，美國尤為嚴重，使投資者不愿持有高風險資產。

　　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.

　　德國和美國國債收益率雙雙創(chuàng)下歷史新低。大宗商品價格下跌，推動美元對歐元匯率創(chuàng)下5月6日“閃電崩盤”以來最大單日升幅，日元則漲至15年來最高位。

　　“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)達市場還是在新興市場，投資者都在擔心經濟增長放緩。人們更加擔心，經濟即使不會陷入雙底衰退，也可能出現某種滑坡，”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.

　　昨日中國公布工業(yè)生產增速為11個月來最低后，市場避險心態(tài)變得更加濃厚。日本和歐洲隨后公布了更為疲弱的數據。昨日出爐的數據還顯示，美國6月份貿易逆差創(chuàng)21個月新高，達499億美元，顯示全球最大經濟體無法依靠外貿來彌補國內經濟活動的放緩。

　　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.

　　美聯儲(Fed)周二結束政策會議后，宣布下調對經濟前景的預測，并表示將開始買進國債，以維持其龐大資產負債表的規(guī)模（2.3萬億美元）。

　　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.

　　人們本來預料，美聯儲進一步放松貨幣政策，將增強投資者對風險資產的胃口。但昨日全球各地拋出的經濟數據讓投資者失去了信心。目前的不確定性在于，倘若今年晚些時候經濟進一步放緩，美聯儲是否必須展開更大規(guī)模的國債購買行動？

　　“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.”

　　“美聯儲再次下調經濟預測，令股市難以承受，”Gluskin Sheff首席經濟學家戴維•羅森伯格(David Rosenberg)表示。“假如你是做多的，你現在就該著急了。經濟正在放緩，而且可能有必要重估企業(yè)盈利預測。”

　　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.

　　紐約午盤時分，標普500指數下跌2.5%。歐洲和亞洲股市均大幅下跌。富時環(huán)球指數下跌2.6%，為6月末以來最大單日跌幅。

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

　　日本市場上，受7月份工業(yè)訂單遠遜預期的影響，日經225指數下跌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試結果以來的最低位。