增长担忧压低全球股市

Global equities and the euro lost ground and “core government bonds pushed higher as worries about global growth came to the fore ahead of the release today of Chinese second-quarter gross domestic product figures.

全球股市以及欧元汇率周四下跌，“核心国债价格走高，在周五中国公布第二季度国内生产总值(GDP)数据前夕，人们对全球经济增长的担忧加剧。

Interest rate cuts in Brazil and South Korea – plus tweaks by the Bank of Japan to its asset purchase programme – highlighted the fragile state of the world economy.

巴西和韩国下调利率，加上日本央行(Bank of Japan)微调其资产购买计划，都表明全球经济目前处于脆弱状态。

These moves stood in contrast to the US, where the minutes of last month’s Federal Open Market Committee meeting, released late on Wednesday, suggested that further quantitative easing was not yet the consensus view.

这些举措与美国的情形形成了鲜明对比。周三晚些时候公布的美国联邦公开市场委员会(Federal Open Market Committee，简称FOMC) 6月会议纪要显示，进一步量化宽松仍不是共识观点。

“FOMC members were more pessimistic on GDP growth than they had been in April and they lowered their projections for inflation, said Stephen Lewis at Monument Securities.

Monument Securities的斯蒂芬·刘易斯(Stephen Lewis)指出：“FOMC委员们对于GDP增长的看法较4月会议时更加悲观，他们还下调了通胀预期。

“But both of those adjustments to forecasts were more or less forced, by the euro debt crisis and the fall in the oil price. The most striking impression that the minutes leave is of a committee with no agreed view on what the Fed should do next.

他表示：“但这两项预测调整或多或少有些迫不得已，受欧债危机和油价下跌影响。会议纪要给人留下的最强烈印象是，该委员会对于美联储下一步应如何行动没有形成共识。

Julian Jessop at Capital Economics took the view that the minutes had actually revealed a growing willingness to consider additional monetary stimulus.

凯投宏观(Capital Economics)的朱利安·杰瑟普(Julian Jessop)认为，FOMC会议纪要实际上显示，美联储越来越愿意考虑加大货币政策刺激力度了。

“But as this support would depend on [US] economic and financial conditions deteriorating further, the markets are surely right not to see this prospect as unambiguously positive, he said.

他指出：“但由于这种支持要取决于美国经济和金融状况进一步恶化，市场没有将此明确视为积极前景无疑是正确的。

Brazil’s central bank lowered its main interest rate 50 basis points to a record low of 8 per cent – its eighth successive easing.

巴西央行将基准利率下调50个基点，至8%的历史低点——这是该行连续第八次降息。

South Korea’s 25bp rate cut, to 3 per cent, was the first reduction since February 2010.

韩国央行将基准利率下调25个基点，至3%，这是该国自2010年2月以来首次降息。

The Bank of Japan expanded its asset purchase programme by Y5tn to Y45tn but only through buying of treasury bills rather than longer maturity Japanese government bonds – although analysts suggested that the central bank was merely preserving its ammunition for later.

日本央行将其资产购买计划中对短期国债的购买规模增加5万亿日元，至45万亿日元，对期限较长的日本国债的购买规模则没有扩大——尽管有分析师提出，日本央行只是为了后续操作保存弹药。