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Washington
13 August 2007
Stock markets in Europe and Asia posted gains Monday, while U.S. stock markets fell slightly. VOA's Michael Bowman reports from Washington, investors1 appeared reassured2 after central banks added cash to combat tight credit conditions that roiled3 markets last week.
The U.S. Federal Reserve became the latest central bank to inject further cash, adding $2 billion of temporary reserves to the U.S. banking4 system. Earlier, the European Central Bank released $65 billion, in addition to some $200 billion last week, while the Bank of Japan added $5 billion.
The central bank interventions5 are welcome news to nervous investors, according to Hugh Johnson, who heads the New York-based investment management firm, Johnson Illington Advisors6.
"It shows that the central banks are not going to sit idly by and watch conditions deteriorate7 in the financial markets and the economy," said Johnson. "They are going to get involved, and they got involved in a very major way. So, that is encouraging."
European stock markets soared Monday, with London's Financial Times 100 index jumping three percent. The CAC-40 in Paris climbed just over two percent, while the DAX in Frankfurt gained nearly two percent. Asian markets posted modest gains.
In the United States, banks tightened8 lending conditions, in part, following a dramatic rise in defaults on risky9 home mortgages as part of an overall depressed10 housing market. A prolonged credit crunch11 would be a severe blow to the nation's financial health and the world economy, constraining12 consumers and businesses alike that rely on loans to finance purchases and other activities that contribute to economic growth.
Meanwhile, the U.S. Commerce Department reports consumer spending at a healthy level, with retail13 sales rising 0.3 percent in July, led by sales in clothes, furniture and electronics. Consumer spending accounts for two-thirds of total U.S. economic activity.
1 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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2 reassured | |
adj.使消除疑虑的;使放心的v.再保证,恢复信心( reassure的过去式和过去分词) | |
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3 roiled | |
v.搅混(液体)( roil的过去式和过去分词 );使烦恼;使不安;使生气 | |
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4 banking | |
n.银行业,银行学,金融业 | |
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5 interventions | |
n.介入,干涉,干预( intervention的名词复数 ) | |
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6 advisors | |
n.顾问,劝告者( advisor的名词复数 );(指导大学新生学科问题等的)指导教授 | |
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7 deteriorate | |
v.变坏;恶化;退化 | |
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8 tightened | |
收紧( tighten的过去式和过去分词 ); (使)变紧; (使)绷紧; 加紧 | |
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9 risky | |
adj.有风险的,冒险的 | |
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10 depressed | |
adj.沮丧的,抑郁的,不景气的,萧条的 | |
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11 crunch | |
n.关键时刻;艰难局面;v.发出碎裂声 | |
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12 constraining | |
强迫( constrain的现在分词 ); 强使; 限制; 约束 | |
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13 retail | |
v./n.零售;adv.以零售价格 | |
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