全球經濟低迷 股市大幅回落

Financial markets got a jolt Thursday after a relatively calm summer, when European leaders ratcheted up pressure on Greece and new reports on economies in Europe, the U.S. and China pointed to global weakening.

在經過了一個相對平靜的夏季後，金融市場週四大幅走低。當日，歐洲領導人加大了對希臘的施壓力度，同時,歐洲、美國和中國新出爐的有關經濟情況的報告顯示全球經濟低迷。

The Dow Jones Industrial Average posted its biggest drop in a month, sliding 115.30 points to 13057.46. The decline was its fourth in a row and prompted some investors to question whether the rally of the past three months is losing steam.

道瓊斯工業股票平均價格指數(The Dow Jones Industrial Average)創單月最大跌幅，下跌115.30點，至13057.46點。這是道指連續第四個交易日下跌，一些投資者不禁質疑過去三個月來的上漲勢頭是否已經難以爲繼。

For much of the summer, stocks moved slowly but steadily higher. By last Friday, the Dow had climbed nearly 10% from a 2012 low, hit in early June, and was within a hair of closing at its highest level since December 2007.

今夏的大部分時間裏，股市緩慢而穩步走高。截至上週五，道指較2012年6月初創下的低點累計漲了近10%，已經非常接近2007年12月以來的最高收盤點位。

But investors got reminders Thursday of fragility in the global economy. In the U.S., new jobless figures disappointed. A report on manufacturing in China showed the biggest drop in nine months for the world's second-largest economy. In Europe, a widely watched survey suggested that business activity across the continent continued a recent contraction in August.

不過，從週四發佈的一系列數據中，投資者看到了全球經濟中存在的脆弱面。在美國，新發布的失業率數據令人失望。一份有關中國製造業的報告顯示，世界第二大經濟體的經濟活動出現九個月來的最大降幅。在歐洲，一項受到普遍關注的調查顯示，8月份歐洲大陸各地企業活動延續了前一次數據發佈中的收縮趨勢。

Germany - Europe's usual engine of growth - faced its biggest decline in new orders in three years, according to data provider Markit.

數據提供商Markit的數據顯示，在通常被視爲歐洲增長引擎的德國，新增訂單出現三年來的最大降幅。

Potentially significant events for markets also loom on both sides of the Atlantic. Spain is still seen at risk of needing a bailout, and Greece in coming weeks must convince European authorities to give the struggling country its next tranche of aid. In November, the U.S. holds elections. In January, tax increases and spending cuts kick in, an event being dubbed the 'fiscal cliff.'

無論是歐洲還是美國，都浮現出對市場可能帶來重大影響的事件。西班牙仍有可能需要救助；未來幾周，希臘必須說服歐洲當局，讓其向這個陷入困境的國家提供下一筆援助。11月，美國將舉行總統大選。明年1月，人們稱之爲“財政懸崖”的增稅和減支將啓動。

Traders said that given the extent of the summer's rally, a brief market retrenchment is natural. Stocks' recent rise came on very low volume, which traders say indicated little buying from long-term investors.

交易員說，鑑於今夏股市上漲的幅度，股市出現短暫的回落是自然而然的事。在股市最近的上升過程中成交量非常小，交易員說這表明長線投資者幾乎沒有買進。

Instead, much of the buying appeared to come from hedge funds and short-term traders reversing bearish bets placed earlier in the year, when Europe's problems were at a boil and the U.S. economy seemed at risk of sliding into recession.

相反，大部分買盤似乎是來自一些對衝基金和短線交易員，他們紛紛取消了今年早些時候建立的空頭頭寸。當時，歐洲正處於水深火熱之中，而美國經濟看起來有滑入衰退的危險。

The rally 'just suckered in everybody, just in time for something to go wrong,' said Rod Smyth, chief investment strategist at money manager RiverFront Investment Group, based in Richmond, Va.

弗吉尼亞州里士滿市的資產管理公司RiverFront Investment Group首席投資策略師史密斯(Rod Smyth)說，這次上漲欺騙了所有人，是該出現回落的時候了。

Mr. Smyth said he expected stocks to move higher over the medium and long-term, but said the market was ripe for a pullback. He said the Standard & Poor's 500-stock index could easily retreat from Thursday's close of 1402.08 to around 1370 before stabilizing.

史密斯說，他預計股市中長期內將走高，但他說股市回調的時機已經成熟。他說，在股市企穩之前，標普500指數可能很容易就從週四1402.08點的收盤點位回落到約1370點。

A first hit Thursday came from China, where preliminary reports for August showed continued weakness in factory activity and hiring.

週四的第一項打擊來自中國。一份有關8月份情況的初步報告顯示，中國工廠活動和僱傭情況持續低迷。

The HSBC China manufacturing purchasing managers' index fell to 47.8 for August, from 49.3 in July, continuing a 10-month string of results below the 50 level that separates growth from contraction.

8月份匯豐中國製造業採購經理人指數(PMI)從7月的49.3降至47.8，延續了10個月來低於50的走勢。PMI值高於50表示經濟擴張，低於50表示經濟收縮。

'We have needed confidence that China is going to contribute to world growth, and they have not,' said Jerry Harris, chief investment officer of asset management at Sterne Agee in Birmingham, Ala. Mr. Harris said he hoped that a coming leadership transition in Beijing would trigger more aggressive efforts to stimulate economic growth.

阿拉巴馬州伯明翰的經紀公司Sterne Agee資產管理部門的首席投資長哈里斯(Jerry Harris)說，我們曾以爲中國將推動世界經濟增長，並從中獲得了信心，但是中國沒有做到這一點。哈里斯說，他希望中國在即將進行的領導層換屆之後，將會出現更積極地採取刺激經濟增長的行動。

In Europe, data showed that business activity in the euro zone contracted at a sharp pace in August, according to a closely watched survey of purchasing executives.

在歐洲，據一項受到密切關注的對採購經理人的調查數據顯示，8月份歐元區的企業活動急劇收縮。

The figures put the euro bloc on the cusp of its second recession in three years. European stocks ended the day broadly lower.

這些數字把歐元區推到了三年內第二次陷入經濟衰退的邊緣。歐洲股市週四全面下跌。

The latest data suggest that economic weakness will continue to complicate efforts by European policy makers to address the debt crisis in Southern Europe.

最新的數據顯示，經濟低迷將進一步增加歐洲決策者解決南歐國家債務危機的難度。

The situation also adds to pressure on the European Central Bank to stimulate economic activity through lower interest rates and purchases of government bonds of struggling euro members such as Spain and Italy.

目前的形勢還增加了歐洲央行的壓力，導致歐洲央行爲了刺激經濟活動，不得不下調利率和購買西班牙和意大利等困境中的歐元區國家的國債。

The purchasing managers' index, which includes both manufacturing and services, was 46.6 in August, according to data-services firm Markit, which compiles the figures. Although that is a slight increase from July, the index remains well below the break-even threshold of 50 between expansion and contraction in output.

數據供應商Markit編制的數據顯示，歐洲8月採購經理人指數（包括製造業和服務業）爲46.6。儘管較7月份有小幅增長，該指數仍然遠遠低於50這個擴張與收縮的分界線.

'It would take a substantial bounce in September to change this outlook,' said Rob Dobson, senior economist at Markit.

Markit資深經濟學家多布森(Rob Dobson)，要改變目前的趨勢，9月份需要出現大規模反彈。

European leaders, back from vacations, turned the spotlight back onto Greece and its struggles with reforms needed to meet terms of its latest bailout agreement.

剛剛度假歸來的歐洲領導人重新將注意力放在希臘問題上，關注希臘改革過程中面臨的困難。爲了滿足最新救助協議中的條款，希臘必須實施這些改革。

German Chancellor Angela Merkel on Thursday warned Greece that it must maintain its path of reforms to receive more bailout funds.

德國總理默克爾(Angela Merkel)週四警告希臘，必須堅持改革才能獲得更多救助款項。

French President François Hollande called on Greeks to 'make the necessary efforts' to stay in the euro zone.

法國總統奧朗德(Francois Hollande)呼籲希臘採取“必要的行動”，以便留在歐元區。

Both leaders will meet with Greek Prime Minister Antonis Samaras in the next two days.

默克爾和奧朗德在未來兩天將與希臘總理薩馬拉斯(Antonis Samaras)舉行會晤。

The meetings could decide whether Athens receives more time to implement painful economic overhauls or is allowed to default on its debt.

這些會晤將決定希臘是否將獲得實施痛苦的經濟改革的時間，或者是否會被允許違約。

In the U.S., the government on Thursday said the number of workers filing initial claims for jobless benefits in the latest week rose by 4,000, more than economists expected.

美國政府週四表示，最近一週，初次申領失業救濟者人數增加了4,000人，這個數字超出了經濟學家的預期。

Some investors saw a silver lining in all the downbeat news, saying signs of global weakness may help stocks.

一些投資者在鋪天蓋地的消極信息中看到了一線希望，他們說，全球經濟低迷的跡象可能有助於提振股市。

Central banks are more likely to ease monetary policy to help bolster growth as economies slow. Those moves-such as cutting interest rates-in turn help stocks, they argue.

隨着經濟增速放緩，各國央行更有可能爲促進經濟而放寬貨幣政策。他們認爲，這類措施，比如說降息，將會反過來提振股市。

The Federal Reserve is widely expected to announce a third round of quantitative easing next month, a belief that investors say has helped underpin stocks in recent weeks.

外界普遍預計，美聯儲下個月將宣佈第三輪量化寬鬆政策。投資者說，這一預期在最近幾周起到了支撐股市的作用。

Comments by ECB Chairman Mario Draghi that he would do 'whatever it takes' to preserve the euro have also helped.

歐洲央行行長德拉吉(Mario Draghi)將採取一切措施保住歐元的表態也對支撐股市有所幫助。

For now, analysts say market swings could become more volatile as investors wrestle with negative signals from the global economy, whether central banks will step in, and whether their efforts will be effective.

分析人士說，就目前來看，無論央行是否會干預，或者其行動是否會有效，由於投資者需要應付來自全球經濟的消極信號，市場的變化將更加不穩定。

'We've had this magical summer,' said Dan Greenhaus, chief global strategist of BTIG LLC, but now investors are 'waking to the idea that all is not well.'

經紀公司BTIG LLC首席全球策略師格林豪斯(Dan Greenhaus)說，這個夏天有很多驚喜，但投資者醒悟過來之後才發現，一切都是那麼糟。