投資者恢復信心全球股市周四大漲

全球股市昨日紛紛創下歷史新高，原因是投資者越發認定今夏的信貸危機不會引發全球經濟大規模減速。

Stockmarkets around the world surged yesterday to record highs as investors increased their bets that the summer’s credit squeeze would not trigger a sharp global economic slowdown.

包括美聯儲(Fed)上個月降息50基點的舉措在內，全球各大央行的協同行動以及美國上周出現好轉的就業數據，令一些投資者大受鼓舞，認為全球經濟將依舊充滿活力。

Concerted action by central banks ? including last month’s 50 basis points point rate cut by the US Federal Reserve ? and better news on US employment last week appears to have encouraged some investors that the global economy will remain resilient.

雖然這場信貸危機的影響可能仍未結束，但分析師表示，在金融動蕩期間減持股票的投資者進行了回補，已經推高了股市。

While the fallout from the credit squeeze may still have some way to run, analysts said equities had been boosted by catch-up buying from investors who had reduced their exposure to stock markets in the turmoil.

盡管美國企業的收益前景令人不安，國際油價高企，且投資者擔心美元匯率進一步下跌，但標準普爾500指數昨日仍創下1575.19點的歷史新高，較8月中旬的低點上漲近12%——當時，人們對信貸市場危機影響的擔心正處于最高潮。截至午盤，標準普爾500指數漲0.77%，至1574.52點。

In spite of worries over the US earnings outlook, high oil prices and fears of a further slide in the dollar, the S&P?500 index struck a fresh high of 1,575.19 yesterday ? nearly 12 per cent above the trough touched in mid-August, when fears about credit market contagion were at their height. At midday, the index was 0.77 per cent at 1,574.52.

在歐洲，富時Eurofirst 300指數上漲0.6%，至1599.43點。

In Europe, the FTSE Eurofirst 300 rose by 0.6 per cent to 1,599.43.

不過，亞洲股市漲幅最大，因為投資者紛紛搶購那些他們認為將從亞洲經濟增長中受益的股票。澳大利亞、韓國、新加坡、印尼和印度的基準股指均創歷史新高。

However, the gains were led from Asia, as investors piled into stocks considered well-placed to benefit from the region’s growth. Benchmark indices in Australia, South Korea, Singapore, Indonesia and India also set new highs.

香港恒生指數(HIS)首次突破29000點大關，使得該指數今年以來的漲幅達到46%。在中國內地，上海股市也創下新高。

The Hang Seng Index in Hong Kong breached 29,000 for the first time, taking its gains for the year to 46 per cent. On the mainland, the Shanghai stock market also set a fresh record.

匯豐(HSBC)駐香港的亞太股市策略師魏宏兆(Garry Evans)表示：“泡沫是一個情緒化的詞匯，但香港的情況讓我回憶起了上世紀80年代的日本。”

“Bubble is an emotive word,” said Garry Evans, Asia-Pacific equity strategist at HSBC in Hong Kong, “but [Hong Kong] reminds me very much of Japan in the 1980s.”

“現在，全球最大的銀行是中國工商銀行(ICBC)，全球最大的航空公司是中國國航(Air China)，全球最大的保險公司是中國人壽(China Life)，全球最大的電信公司是中國移動(China Mobile)。”

“The world’s largest bank is now ICBC, the world’s largest airline is Air China, the world’s largest insurer is China Life, and the world’s largest telecoms company is China Mobile.”

但他指出，恒生指數的估值（市盈率大約21倍）依然低于美國股市在網絡泡沫時期的峰值水平。

But he noted that the Hang Seng’s valuation ? with prices around 21 times earnings ? was still well below the heights hit by US stocks in the dotcom boom.