VOA标准英语10月-Asian Markets Drop Sharply on Lower US Spending,

Stock markets across Asia dropped sharply after a decline in retail¹ sales in the United States. As Daniel Schearf reports from Beijing, Asian businesses are particularly vulnerable to a slow down in U.S. consumer spending.

Tokyo's Nikkei index was down more than 11 percent, its biggest drop in 21 years, while South Korea's main index fell more than nine percent.

The strength of South Korean banks came under scrutiny² and its currency, the won, dropped nearly 10 percent against the dollar.
　

A photographer takes a picture of a display showing stock prices at a brokerage firm in Hong Kong, 16 Oct 2008

Hong Kong shares lost eight percent in early trading but recovered some ground to close down 4.8 percent.

Some markets had more moderate losses; Mumbai's main stock index lost just a little over two percent and Jakarta gave up 3.8 percent.

The declines came after U.S. data showed September retail sales fell 1.2 percent, almost double the expected loss. That sent the Dow Jones Industrial Average in New York sliding almost eight percent.

"This crisis is not over. What has happened in the West is they've taken steps which are starting to lead to a return of confidence in the system," said Bob Broadfoot, managing director of Political and Economic Risk Consultancy in Hong Kong. "But, the economic fall-out is going to play out over the next year. And, I think that the markets in Asia are starting to realize, especially in places like China, that the economies here are all going to be adversely³ affected⁴."

Asia's export-oriented economies depend on U.S. consumers to drive growth. Now that money in the U.S. is tight, Asia is feeling the pinch, because orders for manufactured goods are slowing.

The global financial crisis started with defaults on high-risk loans in the United States. Big name investment banks were hit hard - Lehman Brothers declared bankruptcy⁵ and Merrill Lynch was bought by Bank of America.

As result, credit has nearly dried up around the world, making it hard for companies to borrow cash to fund operations or to expand.

The U.S. government has earmarked more than $700 billion to shore up financial institutions and get credit flowing again. Other governments around the world have announced similar plans.

But the bailout effort has so far shown little sign of restoring investor⁶ confidence or calming fears of a global recession.

1 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

2 scrutiny   

n.详细检查，仔细观察

参考例句：

• His work looks all right,but it will not bear scrutiny.他的工作似乎很好，但是经不起仔细检查。
• Few wives in their forties can weather such a scrutiny.很少年过四十的妻子经得起这么仔细的观察。

3 adversely   

ad.有害地

参考例句：

• We commented adversely upon the imbecility of that message of telegraphic style. 我们对着这条电报式的愚蠢的留言发泄了一通不满。
• Widely fluctuating exchange rates may adversely affect international trade. 浮动幅度很大的汇率可能会对国际贸易产生有害的影响。

4 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

5 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

6 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。