希臘國債收益率再度超過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.

全球市場動盪和希臘借款成本昨日大漲，令人再度擔心歐洲復甦以及歐元區債務危機遺留下來的結構性問題。

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.

希臘基準國債收益率週四升至9%以上，這是今年第一次達到這樣的高位。目前希臘政治越來越不穩定，加深了市場對於雅典方面能否承受其沉重債務負擔的疑慮。受到歐元區債務危機最沉重打擊的其它歐洲國家，也看到其借債成本飆升至一年來未見的水平。

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.

全球增長乏力引發的擔憂令華爾街持續承壓，但股票出現反彈行情，同時美國國債價格抹去了其漲幅。路易斯聯儲行長詹姆士•布拉德(James Bullard)表示，美聯儲(Fed)應考慮延遲終止其資產購買計劃——即量化寬鬆(QE)——的時機。

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

“美國的通脹預期開始下降，”布拉德在接受彭博新聞社(Bloomberg News)採訪時表示。

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日收盤，標普500指數(The S&P 500)微漲0.01%。週三，該指數大幅下跌，逼近正式“回調”範圍。

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，作爲美國基準借債利率的10年期美國國債收益率報收於2.14%。週三，該收益率自2013年年中以來首次跌至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.

在歐洲各地，投資者紛紛重新配置其資金，撤出外圍國家發行的債券，轉而買入德國國債。德國國債市場被認爲是歐洲最安全、流動性最好的債券市場。此舉昨日一度將10年期德國國債收益率壓低至0.72%的歷史最低水平。昨日早盤，意大利、西班牙和葡萄牙的國債收益率上升約30個基點，後來有所回落。

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.

歐洲股市受到了壓力。富時Eurofirst 300指數(FTSE Eurofirst 300)下跌了3%，至13個月最低點。英國富時100指數(FTSE 100)下跌2.2%，本月已下降10%，可算作是一次技術性回調。

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.

隨着投資者對希臘打算提前終止其緊急救助項目表達擔憂，希臘政府試圖減輕該國前景引發的擔憂——表示其將遵守與國際貸款機構達成的協議，並完成與歐盟(EU)和國際貨幣基金組織(IMF)達成的改革方案。

“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.”

“過去幾天的市場行情令人難以置信，而最近沒有一項數據糟糕到證明我們所見的舉動合理的地步，”M&G Investments的債券基金經理邁克•裏德爾(Mike Riddell)表示：“此前有種觀點認爲，歐洲經濟已再度企穩；現在人們開始質疑這一點。”