【英语财经】中国刺激经济举措未能提振美国股市 US market slide points to fresh turmoil

The US stock market recovery triggered by China’s efforts to buttress its economy unravelled in the last hour of the trading day, exacerbating concerns that the recent turmoil rattling global markets is far from over.

The S&P 500 had jumped as much as 2.9 per cent early on Tuesday, clawing back some of its recent losses, after European and Asian bourses cheered China’s interest rate cut.

But the rally started to evaporate after 3pm and by the closing bell the main US equity gauge had fallen 1.3 per cent on the day, less than 1 point off the initial low touched after Monday’s opening dive and back at a level typically termed a correction.

The Dow Jones Industrial Average closed 1.3 per cent lower, off more than 200 points at 15,666.44 and the Nasdaq fell almost 0.5 per cent. Futures contracts on the main US stock indices indicated that equities were expected to come under renewed pressure on Wednesday morning.

“It just looks like the rally ran out of air,” said Brian Jacobsen, a strategist at Wells Fargo Funds Management. “People played the bounce and then just wanted to take their money out.”

Some analysts suggested that the late collapse could have been driven by investors selling exchange traded funds (ETFs), passive investment vehicles that typically rebalance their portfolio towards the end of the trading day.

Nonetheless, the limp ending to the US trading day underscored the lack of confidence in China’s economy turning the corner, and the unwillingness of investors to jump back into the stock market with both feet.

The recent turmoil has been severe enough for Ray Dalio, the head of Bridgewater, the world’s biggest hedge fund group, and former Treasury Secretary Lawrence Summers to suggest that the Federal Reserve could consider restarting quantitative easing rather than tighten monetary policy.

US government bonds pared their sell-off as the unravelling stock market rally burnished demand for safer assets, with the 10-year Treasury yield dipping from a high of 2.13 per cent to 2.07 per cent late on Tuesday.

Mr Jacobsen compared the recent US trading movements to a saw blade, and predicted that equities would continue to fluctuate sharply in this “sawtooth pattern until we have more data on the robustness or otherwise of the Chinese economy”.

中国巩固经济的企图引发的美股反弹，在该交易日的最后一个小时却未能坚持下来，令人们愈发担心，最近这轮震撼全球股市的动荡局面远未结束。

在中国降息举措令欧亚股市为之一振之后，标普500(S&P 500)指数周二早盘曾跃升2.9%，收复了近期部分失地。

然而，下午3点后这轮涨势就开始烟消云散，到收盘前这一美国主要股指全天跌幅已达1.3%，其点位比周一开盘跳水后的最低点位还低了1点，再次回到了典型的调整点位。

道琼斯工业平均指数(Dow Jones Industrial Average)收跌1.3%，下跌逾200点至15666.44点，而纳斯达克指数(Nasdaq)则下跌近0.5%。这些美国主要股指的期货合同显示，周三早上股市预计会面临新的压力。

部分分析师暗示，尾盘的崩盘或许是由抛售交易所交易基金(ETF)的投资者导致的。ETF是一种被动投资工具，通常会在交易日快结束时对投资组合开展再平衡。

不过，美股尾盘时分的疲软，凸显出人们对中国经济转危为安缺乏信心，投资者不愿全力投入股市。

由于股市反弹失败提升了投资者对更安全资产的需求，对美国国债的抛售行为有所消退。周二晚些时候，10年期国债收益率从2.13%的高点跌至2.07%。

译者/简易