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The global equity rout accelerated on Wednesday, sending the FTSE All-World index into bear market territory for part of the day as oil prices slid to new lows and investors fled for the safety of high-rated government bonds.
周三，全球股市加速下跌，富時環球指數(FTSE All World Index)在交易時段曾一度跌入熊市區間。同時，油價跌至新低，投資者競相買入安全的、高評級的政府債券。
Fear rippled through global markets, taking the UK, French and Japanese stocks to more than 20 per cent below their 2015 highs — the common definition of a bear market — and compounding equities’ worst start to a year on record.
恐懼情緒蔓延至全球各市場，英國、法國和日本的股指較其2015年高點下跌了20%以上——這是公認的熊市定義——使得今年成為有紀錄以來全球股市開局最差的一年。
The US S&P 500, the Dow Jones Industrial Average and the Nasdaq briefly fell more than 3 per cent to more than 10 per cent below their prior peaks, meaning they entered a market “correction”, but rallied in afternoon trading, with the S&P 500 closing down 1.2 per cent.
美國的標普500指數(S&P 500)、道瓊斯工業平均指數(Dow Jones Industrial Average)和納斯達克指數(Nasdaq)一度跌幅大于3%，較前一次高點低10%以上，這意味著美國三大股指進入了市場“回調”。但在午后交易中，三大股指有所上漲，最終標普500指數收跌1.2%。
Equities have been dragged down by rising concerns over China, global economic growth prospects, sliding commodity prices and questions over whether central banks remain willing to act as a backstop.
一直以來拖累全球股市的因素在于，中國經濟、全球經濟增長前景、大宗商品價格下跌以及央行是否仍愿意充當后盾的問題引起的擔憂日益加重。
Investors rushed for safer government debt on Wednesday, crimping the yields of 10-year US Treasuries, UK Gilts, German Bunds and Japanese bonds to just 1.96 per cent, 1.62 per cent, 0.48 per cent and 0.21 per cent respectively. The price of gold also rose sharply.
周三，投資者涌向更安全的政府債券，把10年期美國國債(US Treasuries)、英國國債(UK Gilts)、德國國債(German Bunds)和日本國債的收益率分別壓低至僅有1.96%、1.62%、0.48%和0.21%。黃金價格也大幅上漲。
With the German and Chinese indices already in bear territory, the FTSE All-World index, reflecting over $40tn of value from companies listed in developed and emerging markets, fell 3.3 per cent at one point to its lowest level since June 2013. It bounced off its lows for a 2 per cent fall on the day.
由于德國股指和中國股指已然進入熊市區間，反映發達和新興經濟體上市公司40萬億美元市值的富時環球指數曾一度下跌3.3%，為2013年6月以來最低點。隨后，該指數從低點向上反彈，當天收跌2%。
Higher-risk emerging markets suffered a “Black Wednesday”, according to Société Générale analyst Bernd Berg, with JPMorgan’s EM currency index sliding to a new record low, and EM stocks diving to their lowest levels since May 2009.
法國興業銀行(Société Générale)策略師貝恩德伯格(Bernd Berg)表示，風險更高的新興市場慘遭“黑色星期三”，摩根大通新興市場貨幣指數(JPMorgan’s EM currency index)跌至創紀錄新低，新興市場股指跌至2009年5月以來最低點。
Natural resource prices suffered another bruising day. The Bloomberg Commodity index fell to its lowest since at least 1991, and crude oil prices fell below $28 a barrel during US trading. Brent bounced off its lows to trade down 2 per cent at $28.19 on Wednesday with WTI off 3 per cent at $28.69.
自然資源價格再次大跌。彭博大宗商品指數(Bloomberg Commodity index)跌至起碼1991年以來最低點，美國原油價格跌破每桶28美元。周三，布倫特原油(Brent)較低點有所反彈，收跌2%，收于每桶28.19美元。西德克薩斯中質原油(WTI)收跌3%，收于每桶28.69美元。
Fears over China’s economic slowdown, capital outflows and currency depreciation fuelled the sell-off at the start of January, but those concerns have snowballed into a wider reappraisal of the global economy and the ability and willingness of central banks to support markets.
1月初，中國經濟放緩、資本外流和匯率貶值引起的擔憂導致了股市拋售，但擔憂情緒逐漸加重，促使人們對世界經濟狀況，以及各國央行支持市場的能力與意愿進行了重新評估。
