BEC中級閱讀: 全球股市周四大幅下跌

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全球股市周四大幅下跌,因為投資者越來越懷疑,各國央行為應(yīng)對信貸緊縮而采取的大規(guī)模措施是否足以消除危機。
    Global equities suffered heavy falls yesterday as investor doubts grew over whether sweeping measures by central banks to tackle the credit crunch would be sufficient to defuse the crisis.
    亞洲和歐洲股市遭遇沉重打擊。分析師們警告稱,與問題的規(guī)模相比,這些央行計劃采取的干預(yù)措施相當(dāng)溫和——特別是有跡象顯示,大型金融機構(gòu)的虧損還在增加。美國股市同樣走低。 Asian and European shares were hit hard as analysts warned that the planned intervention looked relatively modest compared with the scale of the problem – not least because there are signs that losses at big financial institutions are continuing to mount. US shares also sagged.
    瑞銀(UBS)策略師威廉?奧唐奈(William O’Donnell)表示:“這個計劃所針對的目標,并不包括當(dāng)初導(dǎo)致我們陷入這一境地的毒瘤——(美國)住宅市場和信貸環(huán)境的崩潰?!?BR>    “What the programme will not do is cure the cancer that got us here in the first place, the [US] housing bust and the collapse in credit conditions,” said William O’Donnell, strategist at UBS.
    各央行都在強調(diào),自己愿意在必要時進行更大規(guī)模的干預(yù),試圖以此消除投資者的擔(dān)憂。
    Central bankers tried to counter investor concerns by stressing their willingness to intervene more radically if necessary.
    英國央行(Bank of England)負責(zé)金融市場事務(wù)的保羅?塔克(Paul Tucker)表示,各國央行的協(xié)調(diào)行動是緩解金融市場壓力所必需的一系列政策行動之一。他表示:“我們必須努力避免流動性狀況趨緊、資產(chǎn)價值走低、資本資源減損、信貸供應(yīng)減少和總體需求下降等后果陷入彼此相互作用的惡性循環(huán)?!?BR>    Paul Tucker, the Bank of England’s head of markets, said the co-ordinated action was one of a series of policies necessary to relieve pressure in financing markets. “We must try to avoid a vicious circle in which tighter liquidity conditions, lower asset values, impaired capital resources, reduced credit supply and slower aggregate demand feed back on each other,” he said.
    然而,歐美貨幣市場的資金借貸成本仍維持在7年來水平附近。
    However, the cost of borrowing funds in the European and US money markets remained close to seven-year highs.
    在英鎊銀行間市場,3個月期資金借貸成本從6.627%降至6.514%,而美元市場3個月期利率則從5.057%降至4.990%。在歐元市場,3個月期融資成本基本沒有變化,為4.949%,略低于周三的4.952%。
    In the sterling interbank market, the cost of borrowing threemonth money fell to 6.514 per cent from 6.627 per cent, while in the dollar market three-month rates dropped to 4.990 per cent from 5.057 per cent. In the euro market, three-month funding costs barely moved, trading at 4.949 per cent, compared with 4.952 per cent on Wednesday.
    一些分析師將市場的淡靜反應(yīng)歸咎于“時滯”效應(yīng),以及各央行在計劃具體實施方面存在的不確定性。
    Some analysts blamed this muted reaction on a “timelag” effect, coupled with uncertainty about how central banks will actually implement their plan.