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，投资者涌入国债市场避险。经济增长前景恶化，美国尤为严重，使投资者不愿持有高风险资产。

　　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.

　　德国和美国国债收益率双双创下历史新低。大宗商品价格下跌，推动美元对欧元汇率创下5月6日“闪电崩盘”以来最大单日升幅，日元则涨至15年来最高位。

　　“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.

　　“不管是在发达市场还是在新兴市场，投资者都在担心经济增长放缓。人们更加担心，经济即使不会陷入双底衰退，也可能出现某种滑坡，”Ticonderoga证券公司的策略师约翰•斯托尔茨福斯(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.

　　昨日中国公布工业生产增速为11个月来最低后，市场避险心态变得更加浓厚。日本和欧洲随后公布了更为疲弱的数据。昨日出炉的数据还显示，美国6月份贸易逆差创21个月新高，达499亿美元，显示全球最大经济体无法依靠外贸来弥补国内经济活动的放缓。

　　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.

　　美联储(Fed)周二结束政策会议后，宣布下调对经济前景的预测，并表示将开始买进国债，以维持其庞大资产负债表的规模（2.3万亿美元）。

　　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.

　　人们本来预料，美联储进一步放松货币政策，将增强投资者对风险资产的胃口。但昨日全球各地抛出的经济数据让投资者失去了信心。目前的不确定性在于，倘若今年晚些时候经济进一步放缓，美联储是否必须展开更大规模的国债购买行动？

　　“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.”

　　“美联储再次下调经济预测，令股市难以承受，”Gluskin Sheff首席经济学家戴维•罗森伯格(David Rosenberg)表示。“假如你是做多的，你现在就该着急了。经济正在放缓，而且可能有必要重估企业盈利预测。”

　　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.

　　纽约午盘时分，标普500指数下跌2.5%。欧洲和亚洲股市均大幅下跌。富时环球指数下跌2.6%，为6月末以来最大单日跌幅。

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

　　日本市场上，受7月份工业订单远逊预期的影响，日经225指数下跌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.

　　美元对欧元汇率大涨2.4%，至1欧元兑1.2867美元。欧元目前处于自欧洲公布银行压力测试结果以来的最低位。