Eurozone government borrowing costs sank to historic lows yesterday as investors increased bets that the European Central Bank would take aggressive action to avert a deflationary slump, following early data indicating that the region’s recovery slowed in August.
欧元区多国政府的借款成本昨日降至历史低位。初步数据显示欧元区的复苏在进入8月之后放缓，投资者因而加大对欧洲央行(ECB)会采取积极行动以避免通缩和衰退的押注。
The “flash” purchasing managers’ index for the currency bloc fell to 52.8 from 53.8 in July, Markit said, amid signs that geopolitical tensions were hurting sentiment among eurozone manufacturers. While the figure is above the crucial 50 mark, which signals an expansion in activity, momentum appears too subdued to create jobs in a region where unemployment is in double digits. The PMI data “fit with the story of weak growth and low inflation, which make it more likely that the ECB will have to act”, said Alessandro Tentori, head of rates strategy at Citigroup.
数据提供商Markit表示，欧元区的采购经理指数预览值(flash PMI)从7月的53.8降至8月的52.8，显示了地缘政治的紧张局势打击欧元区制造商信心的迹象。尽管该数值处于50的关键水平之上，表明经济活动仍处于扩张状态，但经济动力明显十分低迷，导致无法在失业率达两位数的欧元区创造就业。花旗集团(Citigroup)的利率策略部门主管亚历山德罗•滕托里(Alessandro Tentori)说，PMI数据“符合增长疲弱和低通胀的经济状况，这使欧洲央行更有可能采取行动”。
Amid calls for the ECB to start quantitative easing to rid the region of the threat of stagnation, president Mario Draghi will today speak at the central bankers’ Jackson Hole summit in the US. Any ECB action to start QE could see eurozone government bonds being bought on a large scale.
在市场对欧洲央行启动量化宽松(QE)政策以避免欧洲陷入经济停滞的呼声中，欧洲央行行长马里奥•德拉吉(Mario Draghi)今天将在美国杰克逊霍尔(Jackson Hole)举行的央行官员峰会上发表讲话。欧洲央行采取的任何启动量化宽松政策的行动，都可能引起对欧元区政府债券的大规模购入。
Yields on Spanish 10-year bonds, which move inversely to prices, fell to a euro-era low of 2.37 per cent while Italy’s were scarcely higher than their record low at 2.59 per cent.
西班牙的10年期政府债券收益率（与价格走势成反比）已经跌至2.37%的欧元时代低位。意大利的债券收益率则为2.59%，略高于该国记录低位。
Portuguese yields fell to a near-decade low of 3.22 per cent – despite fears about weaknesses in its banking system triggered by last month’s crisis over Banco Espírito Santo, the country’s largest listed lender.
葡萄牙的债券收益率降至3.22%，为接近10年以来的低位——尽管上月该国最大上市银行圣灵银行(Banco Espírito Santo)的危机引发了市场对于葡萄牙银行体系疲弱的担忧。
Chris Williamson, chief economist at Markit, said the region was on course for growth of 0.3-0.4 per cent in the third quarter, a level “unlikely to stimulate any real turnround in the labour market”.
Markit的首席经济学家克里斯•威廉姆森(Chris Williamson)表示，欧元区第三季度的增长率将为0.3%到0.4%，这样的增长水平“不太可能刺激劳动力市场发生任何真正的扭转”。
The fall in PMI follows weak gross domestic product figures for the eurozone last week, with the recovery slamming on its brakes in the second quarter. Data suggested its factories were no longer powering the recovery, with the PMI manufacturing reading falling to 50.8.
此前，上周发布了疲弱的国内生产总值(GDP)数据，经济复苏在第二季度紧急刹车。数据似乎显示，欧元区制造业已经不再推动复苏，制造业PMI跌至50.8。
“This survey will add to pressure on the ECB to do more to support the flagging eurozone economy, even while other major central banks start to move in the opposite direction,” said Jennifer McKeown, an economist at Capital Economics.
凯投宏观(Capital Economics)的经济学家珍妮弗•麦基翁(Jennifer McKeown)说：“这项调查会增大欧洲央行采取更多行动支持日渐低迷的经济的压力，即使其他的主要央行开始采取相反的行动。”
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