VOA常速英语2008年-Stock Markets in Asia Slump, Dollar Hits New Lo

By Naomi Martig
Hong Kong
17 March 2008

Stock markets in Japan and Hong Kong plummeted¹ on fears that even heavyweights in the financial sector² could collapse³ in the U.S sub-prime mortgage crisis. As Naomi Martig reports from Hong Kong, the U.S. dollar also hit a 13-year low against the yen⁴.

Hong Kong's Hang Seng Index fell more than five percent in Monday trading, and Tokyo's Nikkei Index plummeted nearly four percent to a near two-year low. Other Asian stocks markets also closed lower.

Peter Morgan is the chief Asian economist⁵ with the international bank HSBC in Hong Kong. He says share prices took a beating after brokerage JP Morgan Chase bought rival Bear Stearns for $2 a share.

"It perhaps exacerbated⁶ concerns that there may be more other weak companies out there, so I think that was the main reason for the weakness," he said.

Bear Stearns is one of several international investment banks that have been hard hit by what is known as the sub-prime mortgage crisis. Sub-prime mortgage loans were made to home buyers in the United States with poor credit records. Many of those buyers are now unable to pay their mortgages, as the once hot U.S. real estate market has slowed dramatically.

Morgan says stocks also fell in response to fears that China may be raising its interest rate to deal with rising inflation.

 

Late Sunday in the United States, the Federal Reserve unexpectedly lowered the interest rate it charges on direct loans to banks and took steps to provide extra cash to the banking⁷ system.

The moves are meant to relieve pressure on the struggling global banking system and the weak U.S. economy. But it did not stop the dollar from falling below 96 yen, its lowest since 1995. The dollar also fell to new lows against the euro and Swiss franc.

Analyst⁸ Morgan says that it is difficult to anticipate when the dollar will regain⁹ strength.

"[The] Basic point is that the Fed is still easing policy [cutting interest rates] and until we get some indication that the Fed has stopped cutting rates then I think the dollar is going to be under pressure," said Morgan.

Oil soared to new highs near $112 a barrel in Asian trading. Analyst Morgan says the falling dollar is to blame for that spike¹⁰, because it is sparking a rush of funds into commodities that are seen as financial safe-havens. Also, since oil is priced in dollars, a weak dollar means oil exporters earn less.

"Investors¹¹ are shifting into anything which they perceive as anything as store value against the dollar," said Morgan. "And oil is one thing, commodity prices more generally, certainly gold has also been a source of demand by investors."

Gold jumped to a new high of $1,032.35 - up more than $30 from Friday.

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 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

3 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

4 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。

5 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。

6 exacerbated   

v.使恶化，使加重( exacerbate的过去式和过去分词 )

参考例句：

• The symptoms may be exacerbated by certain drugs. 这些症状可能会因为某些药物而加重。
• The drugs they gave her only exacerbated the pain. 他们给她吃的药只是加重了她的痛楚。 来自《简明英汉词典》

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 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

9 regain   

vt.重新获得，收复，恢复

参考例句：

• He is making a bid to regain his World No.1 ranking.他正为重登世界排名第一位而努力。
• The government is desperate to regain credibility with the public.政府急于重新获取公众的信任。

10 spike   

n.长钉，钉鞋；v.以大钉钉牢，使...失效

参考例句：

• The spike pierced the receipts and held them in order.那个钉子穿过那些收据并使之按顺序排列。
• They'll do anything to spike the guns of the opposition.他们会使出各种手段来挫败对手。

11 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