全球经济低迷 股市大幅回落

Financial markets got a jolt Thursday after a relatively calm summer, when European leaders ratcheted up pressure on Greece and new reports on economies in Europe, the U.S. and China pointed to global weakening.

在经过了一个相对平静的夏季后，金融市场周四大幅走低。当日，欧洲领导人加大了对希腊的施压力度，同时,欧洲、美国和中国新出炉的有关经济情况的报告显示全球经济低迷。

The Dow Jones Industrial Average posted its biggest drop in a month, sliding 115.30 points to 13057.46. The decline was its fourth in a row and prompted some investors to question whether the rally of the past three months is losing steam.

道琼斯工业股票平均价格指数(The Dow Jones Industrial Average)创单月最大跌幅，下跌115.30点，至13057.46点。这是道指连续第四个交易日下跌，一些投资者不禁质疑过去三个月来的上涨势头是否已经难以为继。

For much of the summer, stocks moved slowly but steadily higher. By last Friday, the Dow had climbed nearly 10% from a 2012 low, hit in early June, and was within a hair of closing at its highest level since December 2007.

今夏的大部分时间里，股市缓慢而稳步走高。截至上周五，道指较2012年6月初创下的低点累计涨了近10%，已经非常接近2007年12月以来的最高收盘点位。

But investors got reminders Thursday of fragility in the global economy. In the U.S., new jobless figures disappointed. A report on manufacturing in China showed the biggest drop in nine months for the world's second-largest economy. In Europe, a widely watched survey suggested that business activity across the continent continued a recent contraction in August.

不过，从周四发布的一系列数据中，投资者看到了全球经济中存在的脆弱面。在美国，新发布的失业率数据令人失望。一份有关中国制造业的报告显示，世界第二大经济体的经济活动出现九个月来的最大降幅。在欧洲，一项受到普遍关注的调查显示，8月份欧洲大陆各地企业活动延续了前一次数据发布中的收缩趋势。

Germany - Europe's usual engine of growth - faced its biggest decline in new orders in three years, according to data provider Markit.

数据提供商Markit的数据显示，在通常被视为欧洲增长引擎的德国，新增订单出现三年来的最大降幅。

Potentially significant events for markets also loom on both sides of the Atlantic. Spain is still seen at risk of needing a bailout, and Greece in coming weeks must convince European authorities to give the struggling country its next tranche of aid. In November, the U.S. holds elections. In January, tax increases and spending cuts kick in, an event being dubbed the 'fiscal cliff.'

无论是欧洲还是美国，都浮现出对市场可能带来重大影响的事件。西班牙仍有可能需要救助；未来几周，希腊必须说服欧洲当局，让其向这个陷入困境的国家提供下一笔援助。11月，美国将举行总统大选。明年1月，人们称之为“财政悬崖”的增税和减支将启动。

Traders said that given the extent of the summer's rally, a brief market retrenchment is natural. Stocks' recent rise came on very low volume, which traders say indicated little buying from long-term investors.

交易员说，鉴于今夏股市上涨的幅度，股市出现短暂的回落是自然而然的事。在股市最近的上升过程中成交量非常小，交易员说这表明长线投资者几乎没有买进。

Instead, much of the buying appeared to come from hedge funds and short-term traders reversing bearish bets placed earlier in the year, when Europe's problems were at a boil and the U.S. economy seemed at risk of sliding into recession.

相反，大部分买盘似乎是来自一些对冲基金和短线交易员，他们纷纷取消了今年早些时候建立的空头头寸。当时，欧洲正处于水深火热之中，而美国经济看起来有滑入衰退的危险。

The rally 'just suckered in everybody, just in time for something to go wrong,' said Rod Smyth, chief investment strategist at money manager RiverFront Investment Group, based in Richmond, Va.

弗吉尼亚州里士满市的资产管理公司RiverFront Investment Group首席投资策略师史密斯(Rod Smyth)说，这次上涨欺骗了所有人，是该出现回落的时候了。

Mr. Smyth said he expected stocks to move higher over the medium and long-term, but said the market was ripe for a pullback. He said the Standard & Poor's 500-stock index could easily retreat from Thursday's close of 1402.08 to around 1370 before stabilizing.

史密斯说，他预计股市中长期内将走高，但他说股市回调的时机已经成熟。他说，在股市企稳之前，标普500指数可能很容易就从周四1402.08点的收盘点位回落到约1370点。

A first hit Thursday came from China, where preliminary reports for August showed continued weakness in factory activity and hiring.

周四的第一项打击来自中国。一份有关8月份情况的初步报告显示，中国工厂活动和雇佣情况持续低迷。

The HSBC China manufacturing purchasing managers' index fell to 47.8 for August, from 49.3 in July, continuing a 10-month string of results below the 50 level that separates growth from contraction.

8月份汇丰中国制造业采购经理人指数(PMI)从7月的49.3降至47.8，延续了10个月来低于50的走势。PMI值高于50表示经济扩张，低于50表示经济收缩。

'We have needed confidence that China is going to contribute to world growth, and they have not,' said Jerry Harris, chief investment officer of asset management at Sterne Agee in Birmingham, Ala. Mr. Harris said he hoped that a coming leadership transition in Beijing would trigger more aggressive efforts to stimulate economic growth.

阿拉巴马州伯明翰的经纪公司Sterne Agee资产管理部门的首席投资长哈里斯(Jerry Harris)说，我们曾以为中国将推动世界经济增长，并从中获得了信心，但是中国没有做到这一点。哈里斯说，他希望中国在即将进行的领导层换届之后，将会出现更积极地采取刺激经济增长的行动。

In Europe, data showed that business activity in the euro zone contracted at a sharp pace in August, according to a closely watched survey of purchasing executives.

在欧洲，据一项受到密切关注的对采购经理人的调查数据显示，8月份欧元区的企业活动急剧收缩。

The figures put the euro bloc on the cusp of its second recession in three years. European stocks ended the day broadly lower.

这些数字把欧元区推到了三年内第二次陷入经济衰退的边缘。欧洲股市周四全面下跌。

The latest data suggest that economic weakness will continue to complicate efforts by European policy makers to address the debt crisis in Southern Europe.

最新的数据显示，经济低迷将进一步增加欧洲决策者解决南欧国家债务危机的难度。

The situation also adds to pressure on the European Central Bank to stimulate economic activity through lower interest rates and purchases of government bonds of struggling euro members such as Spain and Italy.

目前的形势还增加了欧洲央行的压力，导致欧洲央行为了刺激经济活动，不得不下调利率和购买西班牙和意大利等困境中的欧元区国家的国债。

The purchasing managers' index, which includes both manufacturing and services, was 46.6 in August, according to data-services firm Markit, which compiles the figures. Although that is a slight increase from July, the index remains well below the break-even threshold of 50 between expansion and contraction in output.

数据供应商Markit编制的数据显示，欧洲8月采购经理人指数（包括制造业和服务业）为46.6。尽管较7月份有小幅增长，该指数仍然远远低于50这个扩张与收缩的分界线.

'It would take a substantial bounce in September to change this outlook,' said Rob Dobson, senior economist at Markit.

Markit资深经济学家多布森(Rob Dobson)，要改变目前的趋势，9月份需要出现大规模反弹。

European leaders, back from vacations, turned the spotlight back onto Greece and its struggles with reforms needed to meet terms of its latest bailout agreement.

刚刚度假归来的欧洲领导人重新将注意力放在希腊问题上，关注希腊改革过程中面临的困难。为了满足最新救助协议中的条款，希腊必须实施这些改革。

German Chancellor Angela Merkel on Thursday warned Greece that it must maintain its path of reforms to receive more bailout funds.

德国总理默克尔(Angela Merkel)周四警告希腊，必须坚持改革才能获得更多救助款项。

French President François Hollande called on Greeks to 'make the necessary efforts' to stay in the euro zone.

法国总统奥朗德(Francois Hollande)呼吁希腊采取“必要的行动”，以便留在欧元区。

Both leaders will meet with Greek Prime Minister Antonis Samaras in the next two days.

默克尔和奥朗德在未来两天将与希腊总理萨马拉斯(Antonis Samaras)举行会晤。

The meetings could decide whether Athens receives more time to implement painful economic overhauls or is allowed to default on its debt.

这些会晤将决定希腊是否将获得实施痛苦的经济改革的时间，或者是否会被允许违约。

In the U.S., the government on Thursday said the number of workers filing initial claims for jobless benefits in the latest week rose by 4,000, more than economists expected.

美国政府周四表示，最近一周，初次申领失业救济者人数增加了4,000人，这个数字超出了经济学家的预期。

Some investors saw a silver lining in all the downbeat news, saying signs of global weakness may help stocks.

一些投资者在铺天盖地的消极信息中看到了一线希望，他们说，全球经济低迷的迹象可能有助于提振股市。

Central banks are more likely to ease monetary policy to help bolster growth as economies slow. Those moves-such as cutting interest rates-in turn help stocks, they argue.

随着经济增速放缓，各国央行更有可能为促进经济而放宽货币政策。他们认为，这类措施，比如说降息，将会反过来提振股市。

The Federal Reserve is widely expected to announce a third round of quantitative easing next month, a belief that investors say has helped underpin stocks in recent weeks.

外界普遍预计，美联储下个月将宣布第三轮量化宽松政策。投资者说，这一预期在最近几周起到了支撑股市的作用。

Comments by ECB Chairman Mario Draghi that he would do 'whatever it takes' to preserve the euro have also helped.

欧洲央行行长德拉吉(Mario Draghi)将采取一切措施保住欧元的表态也对支撑股市有所帮助。

For now, analysts say market swings could become more volatile as investors wrestle with negative signals from the global economy, whether central banks will step in, and whether their efforts will be effective.

分析人士说，就目前来看，无论央行是否会干预，或者其行动是否会有效，由于投资者需要应付来自全球经济的消极信号，市场的变化将更加不稳定。

'We've had this magical summer,' said Dan Greenhaus, chief global strategist of BTIG LLC, but now investors are 'waking to the idea that all is not well.'

经纪公司BTIG LLC首席全球策略师格林豪斯(Dan Greenhaus)说，这个夏天有很多惊喜，但投资者醒悟过来之后才发现，一切都是那么糟。