希腊国债收益率再度超过9%

Turmoil across global financial markets and a spike in Greek borrowing costs yesterday reignited fears about Europe’s recovery and the structural problems left over from the eurozone debt crisis.

全球市场动荡和希腊借款成本昨日大涨，令人再度担心欧洲复苏以及欧元区债务危机遗留下来的结构性问题。

For the first time this year, Greece’s benchmark bond yields rose above 9 per cent as mounting political instability raised doubts about Athens’ ability to sustain its heavy debt burden. European countries hit hardest by the eurozone debt crisis also saw their borrowing costs jump at rates not seen for a year.

希腊基准国债收益率周四升至9%以上，这是今年第一次达到这样的高位。目前希腊政治越来越不稳定，加深了市场对于雅典方面能否承受其沉重债务负担的疑虑。受到欧元区债务危机最沉重打击的其它欧洲国家，也看到其借债成本飙升至一年来未见的水平。

Concerns about low global growth kept Wall Street under pressure, but stocks rebounded and US Treasuries erased gains as James Bullard, St Louis Federal Reserve Bank president, said the central bank should consider delaying the end of its asset-purchase programme, known as quantitative easing.

全球增长乏力引发的担忧令华尔街持续承压，但股票出现反弹行情，同时美国国债价格抹去了其涨幅。路易斯联储行长詹姆士•布拉德(James Bullard)表示，美联储(Fed)应考虑延迟终止其资产购买计划——即量化宽松(QE)——的时机。

“Inflation expectations are declining in the US,” Mr Bullard said in an interview with Bloomberg News.

“美国的通胀预期开始下降，”布拉德在接受彭博新闻社(Bloomberg News)采访时表示。

The S&P 500, which had appeared to be on the brink of official “correction” territory on Wednesday, was trading 0.1 per cent higher by midday in New York.

截止16日收盘，标普500指数(The S&P 500)微涨0.01%。周三，该指数大幅下跌，逼近正式“回调”范围。

Yields on a 10-year Treasury, the benchmark US borrowing rate, which dropped below 2 per cent on Wednesday for the first time since mid-2013, stood at 2.14 per cent.

昨日，作为美国基准借债利率的10年期美国国债收益率报收于2.14%。周三，该收益率自2013年年中以来首次跌至2%以下。

Across Europe, investors moved to reallocate their money away from debt issued by countries at the region’s periphery into German bonds, considered the safest and most liquid debt market. That sent the yield on 10-year German Bunds to 0.72 per cent during the day – an historic low. Yields on equivalent Italian, Spanish and Portuguese debt rose by about 30 basis points in the morning before falling back.

在欧洲各地，投资者纷纷重新配置其资金，撤出外围国家发行的债券，转而买入德国国债。德国国债市场被认为是欧洲最安全、流动性最好的债券市场。此举昨日一度将10年期德国国债收益率压低至0.72%的历史最低水平。昨日早盘，意大利、西班牙和葡萄牙的国债收益率上升约30个基点，后来有所回落。

In Europe, stocks came under pressure, with the FTSE Eurofirst 300 falling 3 per cent, dropping to a 13-month low, while the UK’s FTSE 100 fell 2.2 per cent, and is down by 10 per cent this month, a move that qualifies as a technical correction.

欧洲股市受到了压力。富时Eurofirst 300指数(FTSE Eurofirst 300)下跌了3%，至13个月最低点。英国富时100指数(FTSE 100)下跌2.2%，本月已下降10%，可算作是一次技术性回调。

As investors expressed concern about Greece’s plan to end its emergency aid programme earlier than expected, the Greek government tried to contain worries about the country’s prospects, saying it would stay on board with International lenders and complete the reform programme agreed with the EU and the International Monetary Fund.

随着投资者对希腊打算提前终止其紧急救助项目表达担忧，希腊政府试图减轻该国前景引发的担忧——表示其将遵守与国际贷款机构达成的协议，并完成与欧盟(EU)和国际货币基金组织(IMF)达成的改革方案。

“The last few days have been unbelievable and none of the recent data has been poor enough to warrant the moves we’ve seen,” said Mike Riddell, a bond fund manager at M&G Investments. “There had been a perception that Europe was stable again; now people are questioning that.”

“过去几天的市场行情令人难以置信，而最近没有一项数据糟糕到证明我们所见的举动合理的地步，”M&G Investments的债券基金经理迈克•里德尔(Mike Riddell)表示：“此前有种观点认为，欧洲经济已再度企稳；现在人们开始质疑这一点。”