全球股市昨天全线大跌，原因在于投资者对经济前景和金融市场动荡的担心迅速演变为全面的恐慌性抛售行为。

Global equities¹ were routed yesterday as concerns over the economic outlook and financial market turbulence² snowballed into a broad fear-driven sell-off.

在亚洲股票带领下，欧洲股市出现了“911”事件以来最大单日跌幅，美国经济衰退的前景和人们对金融系统越来越大的担忧，在投资者中近乎造成了恐慌。

Asian shares led European stock markets into their biggest one-day fall since 9/11 as the prospect³ of a US recession and growing fears for the financial system prompted near-panic among investors⁴.

印度股市盘中一度重挫达11%，尾盘略有回升，收盘跌7.4%；香港股市下跌5.5%，创下“911”事件以来最大跌幅；日本日经指数下挫近4个百分点，收于两年多来的最低点。

Indian shares tumbled as much 11 per cent before recovering a little to end the day 7.4 per cent down, Hong Kong closed 5.5 per cent down – its biggest fall since the aftermath of the September 11 attacks – and Japan’s Nikkei average slid by nearly four per cent to its lowest level for more than two years.

中国大陆股市下跌5.14%，为近6个月来最大单日跌幅。中国的投资者担心，中国表面上不受美国信贷问题影响的日子可能行将结束。中国的银行类股昨天大幅下挫，因为市场推断这些银行将对其持有的美国次级抵押贷款证券进行更大规模的冲减，其规模将超出先前预期。

Share prices in mainland China fell by 5.14 per cent, their biggest one-day drop in nearly six months. Investors in China worried that the country’s apparent immunity⁵ to credit problems in the US may be ending. Chinese banking⁶ stocks were hurt yesterday by speculation⁷ they will have to make much larger write-downs on their holdings of US subprime mortgage securities than originally thought.

欧洲主要股市均出现了“911”以来最大的单日跌幅。德国法兰克福Dax指数暴跌7.2%，收于6790.19点；法国CAC-40指数下跌6.8%，收于4744.45点；西班牙马德里股市收盘大跌7.5%，至12,625.8点，创下1991年以来最大单日跌幅。

Leading European markets suffered their worst one-day percentage points falls since September 11 2001. The Xetra Dax slumped⁸ 7.2 per cent to 6,790.19, while the CAC-40 dropped 6.8 per cent to 4,744.45. The Madrid stock market closed down 7.5 per cent at 12,625.8, its worst one-day percentage points fall since 1991.

在伦敦，富时100指数跌5.5%，收于5578.2点，创下该指数1983年问世以来最大单日下跌点数记录。

In London, the FTSE 100 lost 5.5 per cent to 5,578.2, its biggest ever slide in points terms since the index was formed in 1983.

一些分析师表示，股票市场终于认识到，信贷市场的动荡正在波及实体经济。亚洲和欧洲股市的暴跌并非由于某一直接因素。美国股市昨天由于放假而休市。

Some analysts⁹ said equity¹⁰ markets have finally realised that the credit market turmoil¹¹ is spilling over into the real economy. The sharp sell-off in Asia and Europe was not prompted by one immediate¹² catalyst¹³ and the US market was closed for holiday.

上周五，惠誉(Fitch Ratings)取消了对第二大债券保险商Ambac至关重要的AAA评级，此举将破坏其承揽新业务的能力。投资者昨天的抛售行动部分原因也在于此。

Investors were reacting partly to the loss on Friday of the crucial triple-A credit rating by Ambac, the second-biggest bond insurer, from Fitch Ratings, a move that would undermine its ability to attract business.