Asian
Markets Turn Bearish on Greek Financial Crisis
VOA News
Last updated on: June 29, 2015 8:27 AM (source)
Asian Markets Turn
Bearish on Greek Financial Crisis
希臘金融危機，亞股轉看空
Steve Herman
Last updated on: June 29, 2015 8:27 AM
BANGKOK—
Concerns about the Greek financial crisis widening to affect the global
financial system prompted
widespread selling of stocks Monday in Asia, while China's volatile
markets were poised
to enter a bear market mainly due to domestic issues.
希臘金融危機擴大恐影響全球金融體系，造成(prompt)周一
亞股賣盤擴大。中國股市的劇烈
震盪(volatile)則主要是國內因素，有進入熊市之態勢(were poised to
. . .)。
(編譯：證卷市場把中長期的上漲行情稱為「牛市」(bull
market)，中長期下跌狀態則為「熊市」(bear market)。新聞標題與內文出現bearish與bear兩字都是指不看好股市行情，股價會繼續下
跌的「熊市」。投資人認為股價還會繼續下跌，對行情不樂觀，就是對後勢「看空」。)
The region’s equities
markets were the first able to react to the surprise announcement by
Athens to call for a national referendum,
shut banks and impose capital controls after the European Central Bank
announced Sunday that Greece’s banks would not be receiving more
emergency loans.
歐洲中央銀行周日宣布將不再給予希臘銀行緊急貸款。對此，希
臘閃電宣布(surprise
announcement)舉辦全國公投(referendum)，
關閉銀行並實行資金管控。亞洲股
市(equities market)在第一時間反映此訊息。
“There had been some complacency
in global markets around a possible Greek exit from the eurozone, but
that is clearly being shaken off at the moment. So I think
that'll continue to dominate markets this week,” said analyst Erwin
Sanft at Macquarie Securities in Hong Kong.
香港麥格理證卷分析師Eriwin
Sanft表示，「全球市場在前一陣子面對希臘可能脫離歐元區時呈現出過度信心(complacency)，
但此時信心已瓦解。我想信心危機將持續主導(dominate)市
場一週的時間。」
The benchmark Nikkei 225 index in Tokyo was off nearly 600 points at
Monday’s close – a drop of almost 2.9 percent.
日本指標性(benchmark)日
經225指數於週一收盤時(at Monday’s
close)
跌近600點，跌幅2.9%。
There were also significant drops in stock markets from Australia to
India (the BSE Sensex in Mumbai in early trading plunged more than 500
points before recovering somewhat to close down 0.6%).
澳洲與印度證卷市場也有巨大跌幅。孟買敏感三十指數(BSE
Sensex)在早市跳水，急
跌(plunge)近五百點，但收市時收復點數為0.6%跌幅。
China
The nervousness was more palpable on
Chinese exchanges. The closely watched Shanghai Composite index
fluctuated by more than 10 percentage points, the biggest single-day
point swing since 1992.
中國交易市場(exchange)的
緊張氣氛更為明顯
(palpable)。被密切關注的上海綜合指數(Shanghai Composite
index)震盪逾10%，是1992年以來最大的單日點數下滑(single-day
point swing)。
The Shenzhen stock exchange’s component index dropped nearly 5.8
percent. Hong Kong’s Hang Seng fell 2.78 percent.
深圳成份股指數(Shenzhen stock
exchange’s component index)跌幅近5.8%，香港恆生(Hang Seng)也跌2.7%。
A mid-session statement on the social media site Sina Weibo from the
China Securities Regulatory Committee stemmed some of the panic by
assuring the domestic market “at the moment the risks associated with
short selling and margin trading are generally under control.”
中場時中國證卷監督管理委員會(China
Securities Regulatory Committee )於社交網站新浪微博發布消息，對國內市場投資人保證，「放空(short selling)與保證金交易(margin
trading)相關的風險都在控制中」，阻止(stem)市場過度
驚慌。
(編按：投資人認為股價將下跌時，可以「先賣後買」的方式來
賺取差價，此為「放空」，很多人都放空時會加深與加快股市的下跌幅度。「保證金交易」是指付出股票股價的一定比例的金額來買該股票，剩下差額為信用借貸，
也就是「信用交易」(deal on
credit)。借錢買股票的投資者對股價波動更為敏感，因此股價震盪時，許多保證金交易的投資人為防止虧損擴大會積極賣出，這也加快與加深下跌行情。)
A structural issue remains, however, according to Macquarie's Sanft who
told VOA “the margin position or level still has to be brought down at
some point.”
根據麥格理證卷分析師Sanft的說法，結構性的因素仍然存
在，「保證金部位或水位仍需再下降。」
(編按：「部位」(position)、「水位」
(level)在證卷市場是指資金大小與佔整體資金的比例。)
Shanghai, at its peak on June 12, had soared more than 150 percent
during the past 12 months and has dropped 20 percent since then.
上海股市在過去12個月急漲(soar)150%，
6月12日達最高價(at
its peak)，後已下跌20%。
“Technically, that’s a bear market in fairly short order,”
said David Welch, head of equity sales trading for Reorient Group in
Hong Kong.
香港瑞東集團證卷銷售交易部門主任David
Welch表示，「中國股市在技術面上很快地(in a short
order)就進入了熊市」。
Interest
rate cut
A Saturday interest rate cut by Beijing failed to stem significant
drops seen last week.
北京週六降息(an interest
rate cut)，但並未能阻止上周巨幅下跌。
Analysts for months have been warning of an equity bubble in China with
many inexperienced leveraged investors bound to suffer.
分析師數月以來皆警告中國可能將有證卷泡沫化的風險，許多財務槓桿(leveraged)的
投資新手注定要受傷。
“As much as it may be painful to say it, I think the correction we've
had over the last two to three weeks has been healthy because it's
taken a lot of the leverage out of the system,” Welch told VOA.
Welch受訪時表示，「雖然我不忍這麼說，但最近這兩三週
的股價修正
(correction)也許對股市是健康的，因為這會從系統內洗掉不少融資。」
(編按：上一段中leveraged是指使用「財務槓桿」的
投資，投資人利用借貸來擴大購買力，能讓利潤擴大，但若投資失利，受損金額也一樣擴大。本句 “it’s taken a lot of the
leverage out of the system”
是指許多信用交易的投資人因為股價下跌而賣出股票，因此離開了市場，也就使得市場上融資減少。)
“Certainly there's going to be a lot of people who have lost a tremendous
amount of money given the market's down 20 percent and a lot of the
people have been trading on leverage.”
「市場已下跌20%，想當然會有許多人遭受巨大(tremendous)金
額損失，況且有許多人用槓桿操作。」
China's regulators have spoken of building a slow-go market for the
long run and “part of that is not allowing a massive bubble to inflate
and then ultimately pop,” Welch explained.
中國的證卷管理委員會曾表示要建立長期緩和成長的市場，但
「讓巨大的泡沫膨脹
(inflate)到最終破滅不該是這個規劃的一部分」，Welsh如此說。
In currency
trading in Asia, increasing prospects that Greece could be forced out
of the euro sent the single currency falling three percent against the
yen.
亞洲的貨幣交易(currency
trading)方面，希臘可能被迫離開歐元區的預期(prospect)讓
歐洲單一貨幣對上日幣貶3%。
Gold, traditionally a safe haven in
times of uncertainty, gained 0.8 percent to move above ,184 an ounce.
傳統上當局勢充滿不確定因素時的避難港(safe haven)黃
金，現每盎司售價到1184美元，上升0.8%。
Language Notes
prompt
(v) 引起，激起
be
poised to . . . (v phr) 準備要 . . .
equity
(n) 股票；股份
referendum
(n) 公投
complacency
(n) 滿足；自滿
benchmark
(n) 水準點；基準
palpable
(a) 可摸到的；極其明瞭的
exchange
(n) 證卷交易；交易所
*exchange最常見意思是「交換」，要明確指稱「證卷交易所」，可以使用stock exchange這個說法
in
short order (prep phr) 迅速地
leverage
(v) 槓桿作用
tremendous
(a) 巨大的，極大的
currency
(n) 貨幣
haven
(n) 避風港；避難所
Check your vocabulary!
Fill
in the blanks with a word or phrase from the list above. Make necessary
changes. After you finish, select the text above to reveal the hidden
answers.
1. There's no room for complacency
if we want to stay in this competition!
2. The Japanese yen is one of the stronger currencies
in the world.
3. They wanted to provide safe havens
for the refugees.
4. Her outstanding performances set a new benchmark
for singers throughout the world.
5. He stood on the edge of the roof, poised
to jump.
6. The company awards its employees with equities.
編譯：簡嘉呈
|
A
panel displaying the closing Hang Seng Index and Hang Seng China
Enterprise Index are shown outside a bank in Hong Kong, China, June 29,
2015. See more on VOA.
