VOA标准英语10月-Asian Markets Plunge as Fears of Global Recession

Indonesia's stock index plummeted¹ more than 10 percent in one of the worst days of trading ever seen in Asia. In Tokyo, the key index closed more than nine-percent lower, the worst trading day since the global stock market crash in 1987. Katie Hamann reports from Jakarta.

Asia's share markets plunged² Wednesday.

In Indonesia, the key stock index in Southeast Asia's largest economy crashed 10.4 percent in response to a government interest rate increase, falling commodity prices and rising inflation.

Late in the morning, the Jakarta Stock Exchange suspended trading for an indefinite period. Exchange officials say the suspension was justified³ because stocks have fallen more than 20 percent in three days.

Purbaya Yudi Sadewo is the senior economist⁴ with local firm Danareksa Securities. He says the interest-rate increase went against the global trend and created a panic about the availability of cash for companies to borrow.

"That gave a signal to the market that they are likely to tighten⁵ liquidity⁶ conditions further," he said. "Although under the current condition the banking⁷ system is already experiencing very tight liquidity. So to me the central bank action is out of sync with the reality. That is why we experience the worst fall in the stock market today."

Despite efforts by regional governments to bolster⁸ markets by adding cash to the financial system or cutting interest rates, investors⁹ fled markets out of fear of a severe global recession and a worsening credit crisis.
　

A passerby10 looks at the electronic stock board in front of a Tokyo brokerage, 08 Oct 2008

In Japan what was described as indiscriminate panic selling sent the Nikkei crashing. It lost 9.4 percent, closing at its lowest point in nearly five years. It was the largest single-day decline since the global market crash in October 1987. The government pumped nearly $21 billion into money markets, marking 16 straight days of intervention¹¹.

The yen¹², however, surged on the back of plunging¹³ equity¹⁴ prices. Japan's currency is emerging as a solid favorite with investors.

In Hong Kong, the government attempted to arrest the run by cutting interest rates by one percentage point. But the Hang Seng index still fell eight percent to a 28-month low. The index is down nearly 52 percent since its record high a year ago.

Financial and telecommunications stocks led the fall on the Shanghai Composite Index, which closed three-percent lower. Selling went on throughout the day, despite media reports that the government might soon cut interest rates.

The main indexes in both South Korea and Taiwan lost nearly six percent in the selling. And Mumbai's leading index was off more than four percent in late trading.

1 plummeted   

v.垂直落下，骤然跌落( plummet的过去式和过去分词 )

参考例句：

• Share prices plummeted to an all-time low. 股票价格暴跌到历史最低点。
• A plane plummeted to earth. 一架飞机一头栽向地面。 来自《简明英汉词典》

2 plunged   

v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降

参考例句：

• The train derailed and plunged into the river. 火车脱轨栽进了河里。
• She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。

3 justified   

a.正当的，有理的

参考例句：

• She felt fully justified in asking for her money back. 她认为有充分的理由要求退款。
• The prisoner has certainly justified his claims by his actions. 那个囚犯确实已用自己的行动表明他的要求是正当的。

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 tighten   

v.(使)变紧；(使)绷紧

参考例句：

• Turn the screw to the right to tighten it.向右转动螺钉把它拧紧。
• Some countries tighten monetary policy to avoid inflation.一些国家实行紧缩银根的货币政策，以避免通货膨胀。

6 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

7 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

8 bolster   

n.枕垫；v.支持，鼓励

参考例句：

• The high interest rates helped to bolster up the economy.高利率使经济更稳健。
• He tried to bolster up their morale.他尽力鼓舞他们的士气。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

10 passerby   

n.过路人，行人

参考例句：

• We had our photo taken by a passerby.我们请了一个路人为我们照相。
• A passerby heard her screams and rushed to her aid.一个过路人听见她的尖叫，便冲过去帮助她。

11 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

12 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。

13 plunging   

adj.跳进的，突进的v.颠簸( plunge的现在分词 )；暴跌；骤降；突降

参考例句：

• War broke out again, plunging the people into misery and suffering. 战祸复发，生灵涂炭。 来自《现代汉英综合大词典》
• He is plunging into an abyss of despair. 他陷入了绝望的深渊。 来自《简明英汉词典》

14 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。