美國股市強勁反彈 巨幅波動重現市場大綱

US stocks staged a late rebound on Tuesday that halted a three-day global rout but underlined how volatility has returned to markets after years of unusual calm.
美股週二尾盤強勁反彈，遏止了持續三天的全球跌勢，但突顯出在經過多年不尋常的平靜後，波動已重返市場。

The Dow Jones Industrial Average ended up 567 points, or 2.3 per cent, at 24,913, a day after having recorded its biggest one-day points drop ever. The S&P 500 was up 1.7 per cent to 2,695, its best day since Donald Trump was elected US president.
道瓊斯工業平均指數收盤漲567點，漲幅2.3%，至24913點，該指數前一天創下有史以來最大單日下跌點數。標普500指數上漲1.7%，至2695點，錄得自唐納德?特朗普(Donald Trump)當選美國總統以來單日最佳表現。

The technology-heavy Nasdaq Composite gained 2.1 per cent. The sharp late-day reversal on Tuesday pulled all three major indices back into positive territory for the year.
科技股集中的納斯達克綜合指數(Nasdaq Composite)漲2.1%。週二尾盤的強勁反彈意味着，美國三大基準股指都重返今年以來的正數上漲區間。

Global stock market turbulence left European and Asian bourses deeply in the red yesterday as investors struggled to cope with the return of market volatility after years of unusual calm.
全球股市動盪昨日使歐洲和亞洲股市全面下挫。在經歷多年的不尋常平靜後，投資者艱難應對市場波動的迴歸。

Stocks in Asia and Europe lost as much as 5 per cent as they caught up with Wall Street’s biggest loss in six years the previous day. US stocks took a rollercoaster ride, falling up to 2.1 per cent in the first minutes of trade before erasing losses by mid-day.
在華爾街前一天錄得六年來最大單日跌幅後，亞洲和歐洲股市昨日跌幅最高達到5%。美國股市呈現過山車般的行情，開盤後幾分鐘內下跌2.1%，至午盤時分收復失地。

The focus for many investors was on the Vix volatility index, Wall Street’s so-called fear gauge, which briefly shot to its highest level since the 2015 Chinese currency devaluation. Funds that allow investors to bet on tranquil markets were at the centre of this week’s fall in equities, plummeting in value.
許多投資者聚焦於Vix波動率指數，即所謂的華爾街“恐慌指數”，該指數一度飆升至2015年人民幣貶值以來的最高水平。讓投資者得以押注於平靜市場的基金處於本週股市下跌的中心，價值暴跌。

Credit Suisse and Nomura both pulled volatility-based securities from the market. Shares of Cboe Global Markets, which owns the Vix index, tumbled as much as 17 per cent as investors feared the closures could hit trading volumes.
瑞信(Credit Suisse)和野村證券(Nomura)都從市場上撤出基於波動性的證券。擁有Vix指數的芝加哥期權交易所全球市場(Cboe Global Markets)股價大跌17%，因投資者擔心這些行動可能打壓交易量。

“When [shorting volatility] doesn’t work, it really unwinds quickly and you get catastrophic losses,” said Sebastien Page, at T Rowe Price. “Why are investors attracted to it? Because in normal times it consistently makes money until it doesn’t and then you lose big.”
“當（賣空波動）賺不了錢時，相關頭寸會很快解除，造成災難性的損失，”普信(T Rowe Price)的塞巴斯蒂安?佩吉(Sebastien Page)表示。“投資者爲什麼被它吸引呢？因爲在正常的時候，它一直賺錢，直到它賺不了錢，然後你會遭受鉅虧。”

Market ructions have sliced 8 per cent off the S&P 500 since stocks hit January’s record. At one point, the Dow Jones Industrial Average briefly suffered a technical correction of 10 per cent.
自股市在1月份創下歷史最高紀錄以來後，標準普爾500指數(S&P 500)一度下跌8%。道瓊斯工業平均指數(Dow Jones Industrial Average)一度短暫技術回調10%。

The tumble in Europe and Asia saw benchmark stock indices in Japan and Hong Kong slide more than 4 per cent and 5 per cent respectively. German, Spanish, British and French benchmarks dropped more than 2 per cent.
歐洲和亞洲股市下挫導致日本和香港的基準股指分別下滑逾4%和5%。德國、西班牙、英國和法國的基準股指下跌逾2%。

The whipsaw trading in US stocks came a day after the market suffered its biggest percentage fall since August 2011. The losses were triggered by investor concerns that an era of cheap money was drawing to a close in the face of renewed inflationary pressures.
出現大起大落行情的前一天，美國股市遭遇了自2011年8月以來最大單日跌幅，其導火線是投資者擔心，面對捲土重來的通脹壓力，廉價資金時代即將落下帷幕。

Faster wage and economic growth has emerged across the developed world. Investors are readying for the possibility that the Federal Reserve and European Central Bank could tighten policy more aggressively than thought at the end of last year. “We had a very prolonged period of easy monetary policy and if you think about it like a patient, central banks viewed the economy as being on life support,” said Brian Levitt, a senior investment strategist with Oppenheimer Funds. “Given where we are now in the economic cycle, with growth generally strong, the global economy does not need to be on life support.”
隨着發達國家普遍出現工資和經濟增長加快的跡象，投資者正在準備迎接這樣一個可能性，即美聯儲(Federal Reserve)和歐洲央行(ECB)比去年底所預計的更加激進地收緊政策。“我們經歷了一段非常長時期的寬鬆貨幣政策，如果說你把它想象成一個病人，那麼央行把經濟視爲依靠外力維持生命，”奧本海默基金(Oppenheimer Funds)高級投資策略師布萊恩?萊維特(Brian Levitt)表示。“鑑於我們在經濟週期中所處的位置，經濟增長普遍強勁，全球經濟不需要依靠外力維持生命。”

The Vix index remained above its historic average, trading at 37 late in the US session. The FTSE 100 slid 2.6 per cent while the Euro Stoxx 600 declined 2.4 per cent. Japan’s Nikkei 225 dropped 4.7 per cent while Hong Kong’s Hang Seng tumbled 5.1 per cent.
Vix指數維持在歷史平均水平上方，在美國尾盤時段達到37。富時100(FTSE 100)指數下滑2.6%，而Euro Stoxx 600 指數下跌2.4%。日本的日經225(Nikkei 225)指數下跌4.7%，而香港的恆生指數(Hang Seng index)下跌5.1%。

Equity volatility spread to the $14tn US Treasury market, often a haven in market routs. The yield on the two- and 10-year notes both rose 7 basis points, to 2.09 and 2.77 per cent respectively.
股市波動蔓延至14萬億美元的美國國債市場，而該市場往往是市場崩盤的避風港。2年期和10年期美國國債收益率均上升7個基點，分別達到2.09%和2.77%。

Torsten Slok, chief international economist at Deutsche Bank, said: “Markets are coming to the conclusion that the US economy is close to overheating and therefore that the risks of inflation are bigger than the risks of a recession.”
德意志銀行(Deutsche Bank)首席國際經濟學家托爾斯滕?斯洛科(Torsten Slok)表示：“市場正在得出結論認爲，美國經濟眼下接近過熱，因此通脹風險大於經濟衰退風險。”