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更新时间:2015-9-4 9:01:41 来源:纽约时报中文网 作者:佚名

Stock Markets Fall as Worries About Global Issues Persist

Keep the seatbelts on.


Stock markets around the world tumbled again on Tuesday, dashing hopes that financial markets would calm down after two weeks of turbulence.


Investors appear to be growing more nervous about the strength of the global economy. China released a weak report on manufacturing on Tuesday, and an influential international policy maker sounded a downbeat note on the outlook for Asian economies.


After steep declines in the stock markets of Asia and Europe, stocks in the United States also plummeted. The Standard & Poor’s 500-stock index slid 58.33 points, or 2.96 percent. The benchmark is now 10.2 percent below its nominal high, putting it back in a correction — the Wall Street term for a decline of more than 10 percent from a peak level. The S.&P. 500 index is still 2.48 percent above the low it closed at last week.


But the underlying ugliness of the action — only three stocks in the S.&P. 500 rose on Tuesday — suggested that the market could have further to drop.


And some analysts said it might be a while before the market recovers.


“You rarely get a V-shaped bottom,” said John De Clue, an investment officer for U.S. Bank. “You usually bounce around for a while.”

“V形底很罕见,”美国银行(U.S. Bank)投资主管约翰·德克鲁(John De Clue)说。“反弹通常需要一段时间。”

The Dow Jones industrial average, a popular market barometer, lost 469.68 points, or 2.84 percent, on Tuesday, to close at 16,058.35. The index is more than 12 percent below its nominal high, reached in May. The technology-heavy Nasdaq composite index dropped 2.94 percent on the day, and is down 11 percent from its recent high.


Investors are now scouring the horizon for events that drive the markets up or down.


Looming at the end of this week is the release of the United States jobs numbers. If the government figures on Friday show that employment growth has remained strong, investors may be encouraged that developments overseas will not do too much harm to the American economy. On the other hand, a robust jobs number may also lead investors to conclude that the Federal Reserve will raise interest rates this month, rather than wait longer.


“The jobs numbers on Friday will be really important,” said Edward J. Perkin, chief equity investment officer at Eaton Vance Management. “It will determine Fed policy one way or another.” If the Fed decides to raise rates this month, it will most likely announce the move after monetary policy meetings scheduled for Sept. 16 and 17.

“周五公布的就业数据真的非常重要,”伊顿万斯管理公司(Eaton Vance Management)首席股本投资官爱德华·J·佩尔金(Edward J. Perkin)说。“这会以某种方式决定美联储的政策。”如果美联储决定本月提高利率,他们可能会在9月16号、17号举行完货币政策会议之后宣布消息。

The prospect of a September rise in interest rates has worried many economists and investors. In particular, they assert that the low level of inflation in the United States is a sign that the economy is still quite vulnerable to a slowdown.


In a speech in New York on Tuesday, Eric S. Rosengren, the president of the Federal Reserve Bank of Boston, highlighted that inflation numbers were well below the Fed’s target of 2 percent. Mr. Rosengren, who is an alternate member of the Fed’s committee on interest rates, also suggested that a weaker global economy and turmoil in the markets might make reaching that level harder.

波士顿联邦储备银行(Federal Reserve Bank of Boston)行长埃里克·S·罗森格伦(Eric S. Rosengren)周二在纽约讲话时强调,通胀数据远低于美联储2%的目标。罗森格伦是美联储利率委员会的候补委员,他还表示,全球经济的疲软和市场的动荡可能使得这个目标更难以完成。

“Given the low wage and price inflation data seen to date, and increased uncertainty about global growth, it will be particularly important for monetary-policy makers to closely monitor and depend on incoming data,” he said.


Even if the Fed decides not to increase rates this month, further problems in China and elsewhere could make investors reluctant to jump back into the stock market.


On Tuesday, a report from Beijing showed that Chinese manufacturing activity had slipped in August to a three-year low, with both current production and new orders falling. That added to fears that the world’s second-largest economy, after that of the United States, may be slowing more than analysts had believed.


Christine Lagarde, the managing director of the International Monetary Fund, warned on Tuesday that the world economy would most likely expand at only a moderate pace and would probably be weaker than the I.M.F. forecast two months ago.

国际货币基金组织(International Monetary Fund)总裁克里斯蒂娜·拉加德(Christine Lagarde)周二警告称,世界经济可能只会以适度的速度扩张,发展形势可能不及该组织两个月前做出的预测。

“Asia as a region is still expected to lead global growth,” she said in a speech in Jakarta, Indonesia. “But even here, the pace is turning out slower than expected — with the risk that it may slow even further given the recent spike in global risk aversion and financial market volatility.”


The sell-offs in global markets started soon after China unexpectedly devalued its currency, the renminbi, on Aug. 11. Analysts at the time said the move could bolster Chinese exports by making them cheaper in other currencies. It was also expected to reduce Chinese imports, since foreign goods and services would cost more in renminbi.


Both outcomes, however, could affect countries with economies that rely heavily on exports. As result, such countries may decide to further devalue their currencies to regain competitiveness with China. The high stakes of such rivalries were made clear on Tuesday when South Korea reported export figures for August that were well below expectations.


In China, the Shanghai composite index fell 1.23 percent on Tuesday, leaving it almost 40 percent below its recent high.


In contrast with past periods of turbulence, this one has not so far spurred a fierce rally in the 10-year Treasury note, a safe-haven investment. Its yield fell slightly to 2.16 percent on Tuesday from 2.21 percent on Monday. Its price went up 16/32, to 98 19/32.

与之前的震荡行情相反,本次震荡尚未导致避险投资10年期国债的激烈反弹。它的收益率从本周一的2.21%小幅下滑至本周二的2.16%。其价格涨16/32,至98 19/32。

Adding to the nervousness on Tuesday, the price of oil fell after a strong rally in recent days. The benchmark crude contract in New York declined $3.79, or 7.7 percent, to $45.41. Over time, a lower price might signal less demand for oil as economies slow.


The Vix index, a measure of volatility in the S.&P. 500 that is often called Wall Street’s fear gauge, jumped 10 percent, but it is still well below last week’s high.


In another sign that investors remain pessimistic, European shares declined despite an official report on Tuesday showing that the jobless rate in the eurozone had slipped by 0.2 of a percentage point in July, to 10.9 percent — the first time it had sunk below 11 percent since early 2012. While that still leaves about 17.5 million people classified as unemployed, it suggests a modest economic recovery in the bloc.


The major European indexes all closed the day 2 to 3 percent lower. In London, the FTSE 100 fell 3 percent, while the CAC 40 in Paris ended down 2.4 percent.

欧洲主要股指当天全线下跌2-3%。伦敦的FTSE 100指数收跌3%,而巴黎CAC 40指数下跌了2.4%。