Risk asts enjoyed another positive ssion after Germany’s highest court gave the go-ahead for Europe’s new bailout fund, removing a significant obstacle to efforts to resolve the region’s debt crisis. | 德国最高法院批准欧洲新纾困基金，消除了解决欧债危机道路上的一大障碍，带动风险资产经历又一个价格上涨的交易日。 |
But the initial wave of buying that followed the news – which nt European stocks to a 14-month high and the euro to a four-month peak above $1.29 – subquently showed signs of fizzling out as the grim economic reality facing the region continued to cast a shadow over the markets. | 但是，由于欧元区严峻的经济现实继续给市场蒙上阴影，上述消息传出后的最初一波买入潮——将欧洲股市推高至14个月高位，亦将欧元汇率推高至1欧元兑1.29美元的四个月高位——随后显示消退迹象。 |
Nevertheless, there was a palpable n of relief at the decision by Germany’s constitutional court to reject a petition to prevent the country from signing up to the European Stability Mechanism, the region’s permanent financial rescue fund. | 然而，对于德国宪法法院驳回有关阻止该国参与欧洲稳定机制(ESM)的请愿的判决，各方明显松了一口气。ESM是欧元区永久性的金融救助基金。 |
The court impod conditions that were less onerous than many had feared. | 法院提出的条件不如很多人此前担心的那么苛刻。 |
The news came less than a week after the European Central Bank triggered a strong risk rally after announcing plans for unlimited purchas of eurozone countries’ short-term bonds – a programme dubbed outright monetary transactions (OMT). | 不到一周前，欧洲央行(ECB)曾引发一轮强劲的风险资产涨势。当时该机构宣布相关计划，拟无限度购买欧元区国家的短期债券，该计划称为“直接货币交易”(OMT)。 |
“We think this [court ruling] could prove to be a turning point for the debt crisis,” said Frank Øland Hann, nior economist at Danske Bank. | “我们认为这（法庭裁决）有望成为欧债危机的转折点，”丹麦丹斯克银行(Danske Bank)高级经济学家弗兰克•厄兰德•汉森(Frank Øland Hann)表示。 |
“The ESM and the ECB’s OMT are en as a reliable and sufficient safety net. If investors e no need to test the safety net, the ECB may never even have to activate the OMT programme. The ball is now in Spain’s and Italy’s courts. | “ESM和欧洲央行的OMT被视为可靠且充足的安全网。如果投资者看不到有必要去考验这个安全网，欧洲央行可能永远都不需要启动OMT计划。现在球在西班牙和意大利脚下。 |
“If they deliver the planned fiscal tightening and structural reforms, the debt crisis could end in a couple of years.” | “如果这两个国家按计划实行了财政收紧和结构改革，欧债危机有望在两三年内结束。” |
But Jonathan Loynes at Capital Economics added a note of caution. | 但是，凯投宏观(Capital Economics)的乔纳森•洛尼斯(Jonathan Loynes)发出告诫的声音。 |
“The ESM and ECB can only address one symptom of the crisis – high borrowing costs – rather than the underlying caus of chronically weak growth and cripplingly high debt,” he said. “Another obstacle has been negotiated, but the path ahead is far from clear.” | “ESM和欧洲央行只能应对危机的一个症状，即举债成本偏高，而不能解决经济增长持续疲弱和债务沉重的根本原因，”他表示。“如今又一个障碍经谈判消除了，但未来的道路远非畅通。” |
A further reason for uncertainty in the markets came from today’s meeting of the Federal Rerve’s policy-tting Open Market Committee. | 市场不确定性的另一个来源是，美联储(Fed)负责制定利率的联邦公开市场委员会(FOMC)今日开会。 |
Kit Juckes, head of foreign exchange at Société Générale, said the market was assuming that the FOMC would agree a further round of quantitative easing with only the timing in any doubt. | 法国兴业银行rocker(Société Générale)外汇策略主管基特•朱克斯(Kit Juckes)表示，市场猜测FOMC将在出台新一轮定量宽松的问题上达成一致，目前唯一不能确定的只是时机。 |
“For the global risk rally, the temptation is to conclude that, since a move is priced in, we should prepare to ‘buy the rumour, ll the news’ – but for a week now, we have ‘bought the news’ with gusto,” he said. | “全球风险资产涨势让人不由得出这样结论，既然此举已被反映到价格上，我们应当准备好‘在传言时买入，在新闻发布时抛出’，但一周来的情况是，我们在‘新闻发布时’大举买入，”他表示。 |
“Fighting the euro/dollar rally and the associated moves higher by the Canadian and Australian dollars, sterling and the Mexican peso – as well as gold – makes no n. Equity indices will probably play catch-up.” | “对抗欧元兑美元汇率的上涨，以及加拿大元、澳大利亚元、英镑以及墨西哥比索，还有金价的相应上涨是没有意义的。股指很可能也会赶上。” | mouthjob
Indeed, the euro ro as high as $1.2936, the highest since May, before easing back. The dollar continued to sink ahead of the Fed’s decision, easing per cent against a basket of currencies. another 0.2 | 欧元一度涨至1欧元兑1.2936美元，这是5月份以来的最高位，随后稍有回落。美元在美联储作出决定前夕继续下跌，兑一篮子货币进一步走低0.2%。 |
译者/和风 | |
Rating agency Moody’s has threatened to downgrade the US’s prized triple A credit rating if Congress fails to reach a deficit reduction deal, raising the stakes in the fiscal debate that lies at the heart of the November election. | 评级机构穆迪(Moody’s)威胁称，如果美国国会无法就减赤达成协议，就可能调低美国看重的Aaa评级，这使处于11月大选核心的财政辩论进一步增添份量。 |
Moody’s said yesterday that it was considering joining its rival Standard & Poorhauntedface’s – which stripped the US of its top rating last year – if a deal was not reached by the end of the year. | 穆迪昨日表示，如果各方在年底之前无法达成协议，就将采取与其对手标普(S&P)去年一样的做法，摘掉美国最高评级的头衔。 |
The threat is likely to feed into election campaign concerns over the state of the economy and lift Republican hopes of a boost for Barack Obama’s challenger, Mitt Romney, by focusing attention on the size of the national debt. | 这一威胁可能加剧竞选活动中人们对于经济状况的担忧，将人们的注意力转移到国家债务的规模上，从而提振共和党方面的希望，即巴拉克•奥巴马(Barack Obama)的竞选对手米特•罗姆尼(Mitt Romney)将因此得分。 |
It also adds pressure on lawmakers in Congress to lay the groundwork for critical negotiations on fiscal policy that will begin almost immediately after the election on November 6. | 同时，这也增加了国会议员的压力，他们需要做好准备，在11月6日大选之后立刻着手就财政政策问题开展关键的谈判。 |
The comments made clear that a deal to avert the so-called fiscal cliff – a ries of tax increas and automatic spending cuts due in early January – may not be enough to prevent a downgrade, and that a broader agreement to shrink the US’s debt pile over the medium term would need to be crafted. | 穆迪的言论表明，避免所谓“财政悬崖”（1月初将实施的一系列增税和自动减少开支的措施）的协议，或许不足以让美国免遭降级，需要制定更广泛的协议，以求在中期缩减美国的债务。 |
Budget negotiations next year “will likely determine the direction of the US government’s Aaa ratingdarkangel”, Moody’s said, adding that it might cut the country’s rating to Aa1 if the results were not satisfactory. “What we’re looking for is a downward trajectory of the debt over the medium term,” said Steven Hess, lead analyst for the US sovereign rating at Moody’s in New York. | 穆迪表示，明年的预算谈判“很可能会决定美国政府Aaa评级的方向”，并补充说，如果结果无法令人满意，可能会将美国的评级降到Aa1。穆迪纽约的美国主权评级首席分析师史蒂芬•海斯(Steven Hess)说：“我们希望看到的是债务在中期进入下行轨道。” |
A Moody’s downgrade – on top of S&P’s move a year ago – would further taint the standing of US Treasury curities as the world’s purest risk-free ast. | 继标普去年的降级举措之后，穆迪的降级会进一步冲击美国国债世界头号零风险资产的地位。 |
The dollar fell broadly after the warning, while the euro touched a four-month high. Reaction in the stock and credit markets was limited, but analysts said a deterioration in the country’s finances and a potential rating downgrade could weigh on bond prices. | 穆迪发出警告后，美元普遍下跌，而欧元则上涨到了四个月以来的新高。股市和信贷市场的反应有限，但分析师表示，美国财政状况的恶化以及潜在的降级可能会给债券价格带来压力。 |
Moody’s comments came as Congress was closing in on a deal to fund the government for six months, averting a federal shutdown until at least March 1 and allowing lawmakers to return to their districts for campaigning. | 穆迪作出此番评论之际，美国国会正接近达成协议，以便为政府提供六个月的资金，这一协议将保证联邦政府至少能够支撑到3月1日，使得议员们可以回到各自选区开展竞选活动。 |
译者/王慧玲 | |
Chine imports fell in August while exports grew less than expected in the latest sign of weakness in the world’s cond-largest economy. | 8月份，中国进口出现下降，出口增幅也低于预期，这是全球第二大经济体最新的疲弱迹象。 |
Overall Chine imports dropped 2.6 per cent in August from a year earlier while exports incread just 2.7 per cent. | 8月份中国进口总额同比下降2.6%，而出口增幅只有2.7%。 |
The export growth was higher than July’s 1 per cent increa but far below the double-digit growth rates China’s export-driven economy has become accustomed to over the past decade. | 出口增长高于7月份的1%，但远低于过去十年来中国出口拉动型经济已经习惯的两位数增长率。 |
Much of the weakness came from crisis-hit Europe, China’s biggest trading partner, with exports to the EU falling 12.7 per cent in August from a year earlier. | 中国经济疲弱的主要原因是最大贸易伙伴欧洲受到危机打击，8月份，中国对欧盟出口同比下降12.7%。 |
Exports to Japan also disappointed, registering a decline of 6.7 per cent in August, while shipments to the US rebounded with 3 per cent growth, compared with an increa of just 0.6 per cent in July. | 8月份中国对日本出口下降6.7%，同样令人失望。与此同时，对美国出口出现反弹，同比增长3%，而7月份增长率只有0.6%。 |
Weakening trade figures are a major concern for China, where export-oriented industries employ an estimated 200m people and the economy is already expected to expand at its slowest rate in 13 years. | 不断趋弱的贸易数据已成为中国的一大关切，中国的出口产业雇佣大约2亿人，预计中国经济增速将降到13年以来的最低水平。 |
At the start of the year Beijing t a target of 10 per cent growth in overall trade but with year-to-date growth of just 6.2 per cent by the end of August that target looks unrealistic. | 今年初，中国政府设定的整体贸易增长目标为10%，但今年截止到8月末，贸易增幅只达到6.2%，10%的目标似乎已经不太现实。 |
Other economic indicators relead on Sunday showed a general slowdown in the Chine economy had continued into August. Data pointed to falling factory output and investment, and rising inflation. | 周日发布的其他经济数据显示，8月份中国整体经济继续放缓。数据表明，工业产出和投资增长放缓，通胀上扬。 |
“China’s trade figures and domestic indicators relead yesterday [Sunday] extended the recent feebleness in August,” said Liu Ligang, chief China economist at ANZ. “The Chine authorities will probably expand tax rebates for exporters in labour-intensive industries.” | 澳新银行(ANZ)大中华区首席经济学家刘利刚说：“中国的贸易数据和昨天（周日）发布的国内指标表明，近期的疲弱形势在8月份延续。中国当局可能将拓大劳动力密集产业的出口退税范围。” |
With the economy clearly slowing more than expected the government has taken some steps to prop up growth by approving a number of new infrastructure projects across the country. | 中国经济放慢的步伐显然已经超出预期，政府已经批准全国多项新的基础设施建设项目，采取一些措施提高经济增速。 |
But most analysts believe Beijing must do more to stop the economic slide which may e the economy grow less than the 7.5 per cent annual target t by the government at the start of the year. | 但大多数分析师认为，中国政府需要采取更多行动以阻止经济下滑，今年经济增速可能会低于年初政府制定的7.5%的增长目标。 |
译者/王慧玲 | |
China’s downturn is spreading to the ctors and companies that were expected to withstand the slowdown and drive growth in the region. | 中国的低迷形势正在波及那些本来预期能够承受整体经济放缓、推动地区增长的行业和企业。 |
Financial Times analysis shows that a third of publicly listed Chine companies suffered cash outflows in the quarter to the end of June as the combined effect of the slowdown in exports, a build-up in stocks and tightening local government finances begins to bite. | 英国《金融时报》分析显示，三分之一的中国上市公司在截止6月底的季度遭受现金流出，出口减速、库存积压，以及地方政府财政收紧等各种因素综合在一起，开始形成打击。 |
Cash balances at a tenth of 1,700 companies analyd by the FT using data from S&P Capital IQ have turned negative in the past two quarters. | 在FT使用标普资本智商(S&P Capital IQ)的数据进行分析的1700家公司中，有十分之一的公司在过去两个季度里现金余额转为负值。 |
For a further 6 per cent of companies that normally report an outflow, the outflows were wor than last year. | 对通常报告现金流出的另外6%企业而言，流出情况比去年更加严重。 |
The results highlight that even the companies that are expected to help rebalance China away from an investment-driven economy – such as consumer and retail business, healthcare, pharmaceuticals and electronics companies – are being affected by the slowdown, along with construction, real estate, industrial machinery and chemicals. | 这些结果突显出，即便是外界本来预期将帮助中国经济迈向再平衡、减轻对投资依赖的公司（如消费品和零售企业、医疗保健、医药和电子产品企业）也正受到整体经济放缓的影响，与建筑、房地产、工业机械和化工行业陷于同样的境地。 | 雅思英语是什么
Increasing numbers of hedge funds and analysts are looking cloly at cashflow data as sustained poor cash flows would have a big impact on companies’ ability to rvice their debt and hence on the health of China’s banking ctor. | 目前有越来越多的对冲基金和分析师密切关注现金流数据，因为持续表现不佳的现金流将给企业的偿债能力（乃至中国的银行业）带来重大冲击。 |
There are some signs that the cash crunch has already been felt by banks during the first half of the year. | 一些迹象显示，银行已在今年上半年感受到企业现金紧张。 |
While non-performing loans grew by just 1 per cent across the ctor, overdue loans leapt by 29 per cent, according to Mike Werner of Bernstein Rearch in Hong Kong. | 伯恩斯坦研究公司(Bernstein Rearch)驻香港分析师麦克•沃纳(Mike Werner)指出，尽管整个银行业的不良贷款仅增加1%，但逾期贷款飙升29%。vitamin water |
Among the 574 companies with negative cashflow from operating activities in the FT analysis, the results of 175 – or 30 per cent – appeared to be non-asonal becau patterns over the past two quarters were completely different from tho en in the periods a year before. | 在FT进行的分析中，在574家经营活动产生负数现金流的企业中，175家企业（占30%）的结果似乎不是季节性的，因为过去两个季度的情况似乎与一年前完全不同。 |
Another 18 per cent showed some asonal similarity with last year, but their results were wor over the first half of this year. Sixty-nine of the 574 had negative cashflow for both of the past two quarters. | 在这574家企业中，还有18%的企业显示出与去年相似的季节性，但它们在今年上半年的结果更加糟糕。有69家在过去两个季度均出现负数的现金流。 |
principal读音译者/和风 | |
The European Central Bank yesterday nt markets its strongest signal yet that it would deploy unlimited monetary firepower to save the single currency. | 欧洲央行(ECB)昨日向市场发出迄今最强烈的信号，表示将部署无限的货币火力拯救欧元。 | ||||
Mario Draghi, the central bank’s Italian president, said that the ECB would offer to purcha eurozone countries’ short-term bonds in the condary market in a programme dubbed outright monetary transactions, or OMT, that would address “distortions in financial markets”. | 欧洲央行意大利籍行长马里奥•德拉吉(Mario Draghi)表示，欧洲央行将按照一项称为“直接货币交易”(Outright Monetary Transactions, OMT)的计划，在二级市场上购买欧元区国家短期债券，以此纠正“金融市场中的扭曲”。 | ||||
But he warned that any attempt to tame Europe’s distresd sovereign debt markets would come with the kind of tough fiscal and structural reform conditions that Greece, Ireland and Portugal faced when they were bailed out. | 但他警告称，试图驯服欧洲陷入困境的主权债务市场的任何努力，都要伴随类似于希腊、爱尔兰和葡萄牙接受纾困时所面临的严厉的财政和结构改革条件。 | ||||
“This is your bazooka,” José Angel Gurría, cretary-general of the Organisation for Economic Co-operation and Development told the Financial Times. | 经合组织(OECD)秘书长若泽•安赫尔•古里亚(José Angel Gurría)告诉英国《金融时报》：“这就是你们说的火箭筒。 | ||||
“This is the muscle and the firepower which is quite awesome becau effectively, theoretically, it’s unlimited.” | “这种肌肉和火力是相当令人生畏的，因为不管是效果上还是理论上，它都是无限的。” | ||||
Spain and Italy would have to apply to Europe694’s rescue funds for help before the ECB would trigger its bond-buying programme. Neither government showed any inclination to do so soon. | 西班牙和意大利将首先必须申请欧洲救助资金的帮助，才能让欧洲央行触发债券购买计划。目前两国政府均无迹象表明有意在短期内采取此举。 | 南瓜英语||||
“When I have anything new to tell you, I will,” Spanish prime minister Mariano Rajoy replied when asked. In Rome, Italian prime minister Mario Monti said it was “premature” to say Italy had already decided to apply. | 西班牙首相马里亚诺•拉霍伊(Mariano Rajoy)在被问及此事时表示：“一旦我有了新消息可以告诉你，我肯定会告诉你。”意大利总理马里奥•蒙蒂(Mario Monti)表示，要说意大利已经决定提出申请“为时过早”。 | ||||
The plan spearheaded by Mr Draghi – who pledged in July to do “whatever it takes” to save the euro – was welcomed by markets and European leaders, although Germany’s Bundesbank remains fiercely oppod and warned that it could backfire. | 德拉吉主导的这个计划受到市场和欧洲领导人的欢迎，但德国央行(Bundesbank)依然强烈反对，警告称该计划可能适得其反。德拉吉曾在7月份表示要“不惜一切代价”拯救欧元。 | ||||
译者/倪卫国 | |||||
China was the source of almost three-quarters of the €1.3bn in counterfeit goods intercepted by European customs authorities last year, according to an EU report published this week. | 欧盟本周发布的一份报告显示，在去年欧盟各成员国海关查获的价值13亿欧元的假冒仿制产品中，近四分之三来自中国。 | ||||
The 115m counterfeit products ized was a 15 per cent increa over the previous year and a tenfold increa over the last decade. Jonathan Todd, a European Commission spokesman, attributed much of the increa to the explosion of online commerce, noting that most izures last year were made at post offices rather than ports, as had previously been the ca. | 2011年查获的1.15亿件假冒产品较上年增长15%，过去10年里增加了十倍。欧盟委员会(European Commission)发言人乔纳森•托德(Jonathan Todd)将假货规模猛增的原因归因于电子商务的爆炸式发展。他指出，去年绝大部分假冒产品是在邮局查获的，而非像以往那样主要在港口查获。 | ||||
Mr Todd added that the surge reprented a danger to European consumers becau many of the counterfeit products – including pharmaceuticals and cosmetics – could include harmful chemicals. Often consumers were not aware products were counterfeit, Mr Todd added. | 托德补充称，假货规模快速增长对欧盟消费者构成危险，因为很多假冒产品——包括药品和化妆品——可能含有有害的化学物质。他指出，消费者往往不知道所购产品为假冒仿制。 | ||||
“The [EU] continues to work cloly with member states, and international partners, to defend the interests of legal business and the safety of citizens,” Mr Todd said. | 托德表示：“欧盟将继续与各成员国以及国际伙伴密切合作，以维护守法企业的利益，并保护公民安全。” | ||||
The 31-page report, an annual study produced by the European Commission, found nearly 73 per cent of goods ized last year came from China, with Hong Kong adding another 7.7 per cent. All other sources – including Greece, at 4.8 per cent, and India, 3.3 per cent – were far lower. | 欧盟委员会的这份年度研究报告篇幅达31页。报告指出，欧盟去年查获的假冒产品中有73%来自中国内地，另有7.7%来自中国香港。其他主要假货产地所占份额——希腊为4.8%，印度为3.3%——远远低于中国。 | ||||
The Chine reprentation for the EU did not respond to requests for comment. | 中国驻欧盟代表未回应记者的置评请求。 | ||||
Almost a quarter of counterfeit articles confiscated by customs authorities were pharmaceuticals, the report found, followed cloly by packaging materials and cigarettes. The most ized medicines were “lifestyle drugs”, such as diet pills and Viagra, but pain killers, antidepressants and antibiotics were also found. | 报告称，欧盟海关查获的假冒产品中，药品占近四分之一，份额紧随其后的是包装材料和香烟。查获药品绝大多数为“生活方式类药物”，例如减肥药和万艾可(Viagra)；但止痛药、抗抑郁药以及抗生素也有发现。 | ||||
Mr Todd declined to comment on China’s reaction to the report, but he said piracy was regularly raid with Chine officials in bilateral discussions with nior EU officials. | 托德拒绝评论中国对报告做出的反应。但他表示，欧盟高级官员在与中方的双边会谈中经常提到假冒侵权问题。 | ||||
本文发布于:2023-06-30 07:42:24，感谢您对本站的认可！
本文链接：https://www.wtabcd.cn/fanwen/fan/78/1069792.html
版权声明：本站内容均来自互联网，仅供演示用，请勿用于商业和其他非法用途。如果侵犯了您的权益请与我们联系，我们将在24小时内删除。
| 留言与评论（共有 0 条评论） |
