VOA标准英语10月-World Stock Markets Again Fall Precipitously

Stocks tumbled around the world on Monday as several markets registered their deepest declines in years. VOA's Barry Wood reports that $2 trillion of value was wiped out in just a single trading day.
　

Wall Street traders, 06 Oct 2008

The steepest declines were in Europe and developing countries. All 18 West European stock markets were down sharply. London's main market average fell nearly nine percent, its biggest drop in nearly two decades. The Russian index fell 19 percent. In Brazil and Russia trading was briefly¹ halted.

The panic selling followed a weekend in which several central banks took action to insure deposits to prevent a run on savings² institutions. A German and a Dutch bank were rescued by government action. The euro, used in 12 European Union countries, fell by a record six percent against the Japanese yen³ and was down sharply against the U.S. dollar. The U.S. currency is at a 14 month high against the euro at $1.34. Gold soared five percent and oil sank below $89 a barrel.

In New York, the Dow Jones Industrials closed down 370 points at 9.956. The index had been down 800 points earlier in the session. It is the lowest Dow close in four years.

Economists⁵ are expecting early action to reduce global interest rates as part of a coordinated⁶ strategy to keep economies growing. Many experts say the U.S. economy has slipped into recession as the stock market is down 30 percent from its October 2007 peak and consumer spending is slowing.

Sandy Batten, an economist⁴ at JP Morgan Chase bank, anticipates a long and deep recession.

"In terms of our forecast, I think we're expecting a recession we haven't seen the depths of in the last 20 years, although we have had only two [deep] recessions for the past 30 years," said Sandy Batten.

The down markets follow last week's approval of a $700 billion U.S. measure to buy up the bad loans of U.S. banks. Some analysts⁷ say market participants believe the problem requires an even larger government response. Estimates are that financial institutions have lost nearly $1 trillion on bad loans associated with the downturn in the U.S. real estate market. Portions of those loans were sold to financial institutions around the world.

1 briefly   

adv.简单地，简短地

参考例句：

• I want to touch briefly on another aspect of the problem.我想简单地谈一下这个问题的另一方面。
• He was kidnapped and briefly detained by a terrorist group.他被一个恐怖组织绑架并短暂拘禁。

2 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

3 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

4 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

5 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

6 coordinated   

adj.协调的

参考例句：

• The sound has to be coordinated with the picture. 声音必须和画面协调一致。
• The numerous existing statutes are complicated and poorly coordinated. 目前繁多的法令既十分复杂又缺乏快调。 来自英汉非文学 - 环境法 - 环境法

7 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。