全球股市迎來年後最差季度表現
US and global equities are heading for their worst quarterly showing since 2011, with investors rattled by China’s economic slowdown, uncertainty over Federal Reserve policy and growing pessimism about corporate earnings.
美國及全球股市正迎來2011年以來最糟糕的季度表現，令投資者恐慌的因素包括中國經濟增速放緩，美聯儲(Fed)政策的不確定性以及對企業盈利越來越悲觀。
Adding to investors’ unease, the International Monetary Fund on Tuesday warned that corporate failures are likely to jump sharply in the developing world, after a hearty borrowing binge in the past decade.
令投資者更感不安的是，國際貨幣基金組織(IMF)週二警告稱，在過去10年盡情借款後，發展中世界的企業倒閉數量很可能急速攀升。
With an array of sectors slumping since the start of July, beyond those directly influenced by the rout in commodity prices, the global equity bull run of recent years is now facing a major challenge.
近年持續的全球牛市正面臨重大挑戰，除了一些板塊受大宗商品價格暴跌直接影響外，自7月起許多板塊開始下跌。
The S&P 500 has fallen 8.5 per cent, the biggest decline since the third quarter of 2011. Previously high-flying sectors that led the market earlier this year, notably biotech and healthcare stocks, have fallen appreciably in recent weeks.
標準普爾500(S&P 500)指數下跌了8.5%，創2011年第三季度以來最大跌幅。先前飛漲的一些板塊，尤其是今年早些時候引領市場的生物技術和醫療保健板塊，最近幾周顯著下跌。
“The question now is — are investors ready for the first down year since the worst year since the ‘bad days’ of 2008,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
標普道瓊斯指數公司(S&P Dow Jones Indices)資深指數分析師霍華德纏爾弗布拉特(Howard Silverblatt)表示：“現在的問題在於，投資者是否已準備好面對2011年以來的第一個下跌之年……以及自2008年的‘糟糕日子’以來最糟糕的年份。”
In turn global stock markets are poised for their worst quarterly showing since 2011, shedding over $10tn in value. The FTSE Emerging Index has tumbled over 21 per cent this quarter, its worst showing since 2011, and the fifth worst quarter this millennium.
全球股市也準備迎來2011年以來最糟糕的季度表現，市值蒸發逾10萬億美元。富時新興市場指數(FTSE Emerging markets index)本季度下跌超過21%，爲2011年以來最差表現，在21世紀最差季度中排名第五。
Investors have become increasingly unsettled by signs of weakening global growth and are now questioning the earnings outlook for US companies as the world’s largest economy is preparing to raise rates for the first time in nearly a decade.
投資者對全球經濟增長趨弱的一些跡象越來越感到不安，同時開始質疑美國企業的盈利前景，全球最大經濟體正準備進行近10年來第一次加息。
The continued decline of the commodities sector has reinforced concerns over demand from China. The Bloomberg Commodity Index, a basket of 22 futures contracts, was on Tuesday down 14.8 per cent for the third quarter - setting up potentially the biggest quarterly decline since the fourth quarter of 2008. The broad declines have encompassed commodities including oil, gasoline, soybeans and copper.
大宗商品板塊的持續下跌加強了投資者對中國需求的擔憂。截至週二，追蹤22種大宗商品表現的彭博大宗商品指數(Bloomberg Commodity Index)第三季度下跌14.8%，有可能創下自2008年第四季度以來最大季度跌幅。大宗商品全面下跌所涵蓋的商品包括石油、汽油、大豆和銅。
In a separate report, Standard & Poor’s warned that the combination of Fed interest rate increases, the Chinese economic slowdown, and the unwinding of domestic credit bubbles meant a “much darker outlook” for emerging markets in the coming years.
在另一份報告中，標準普爾(Standard & Poor's)警告稱，美聯儲加息，中國經濟增速放緩，以及國內信貸泡沫解除的組合，意味着新興市場未來幾年的“前景變得陰暗得多”。
Additional reporting from Eric Platt and Gregory Meyer
埃裏克渠拉特(Eric Platt)、格雷戈裏蔠耶(Gregory Meyer)補充報道
