VOA标准英语10月-World Markets Plunge in Credit Crisis

Markets around the world have taken a beating, with a key US market average falling to its lowest level in four years. VOA's Michael Bowman reports from Washington, the market plunge¹ is being driven by persistent² concerns that tight credit could further dampen the global economy.
　

Traders watch financial markets on a computer,in Paris, 06 Oct 2008

U.S. stocks opened sharply lower, mirroring losses in Europe, Asia, and much of the developing world. In New York, the Dow Jones Industrial average crossed below an important psychological floor - the 10,000 mark - for the first time since October, 2004. The Dow was roughly five percent lower in midday trading. It has lost about a quarter of its value so far this year.

Major markets were hard-hit across the globe.

Stocks in Tokyo and Hong Kong finished the day down more than four percent. Losses in London and Frankfurt exceeded seven percent, while Paris closed down more than nine percent. India's stock market fell to a two-year low, while trading in Brazil had to be halted twice after a 10-percent plunge followed by an additional five-percent decline. Mexico's stock index fell nearly seven percent at midday.

Deepening concerns about tight credit and the apparent inability of central banks to combat it are eroding³ global market confidence, according to London-based financial analyst⁴ Michael Wilson.

"However much governments borrow, however much liquidity⁵ [cash] is put into the system, it [market confidence] needs trust and confidence being restored between banks, and there is none of that this morning," said Michael Wilson.

Last week, President Bush signed a massive rescue package to aid U.S. financial institutions facing ruin amid a continuing wave of home foreclosures. The bill allows the treasury⁶ to buy bad debt stemming from risky⁷ home mortgages, and raises the limit on federally insured bank accounts.

Speaking in Texas, President Bush said the $700-billion bailout measure is not an immediate⁸ cure-all for the nation's economic woes⁹, but will help create conditions for an eventual¹⁰ recovery.

"It is going to take a while to restore confidence in the financial system," said President Bush. "But one thing people can be certain of is that the bill I signed is a big step toward solving this problem.

Several European governments have also initiated¹¹ financial bailouts and issued deposit guarantees.

Boston-based investments advisor¹² Art Hogan says European countries are facing the same tough choices the United States has wrestled¹³ with in recent weeks.

"Germany and the rest of Europe are not quite as [far] along the learning curve of what needs to be done to straighten out the balance sheets of some of the financial institutions," said Art Hogan.

Amid further signs of global economic weakness, crude oil prices fell further, while gold rose sharply.

Chris Varveras of the Washington-based National Association for Business Economics says the United States appears headed for a recession.

"Our economists¹⁴ have become more negative on the economic outlook for the next few quarters, with about two-thirds of us believing that we are either already in a recession or will soon enter recession," said Chris Varveras.

The U.S. central bank has announced new steps to stimulate¹⁵ credit markets. The Federal Reserve says it will begin paying interest on commercial banks' reserves and will expand its loan program to troubled institutions.

1 plunge   

v.跳入，(使)投入，(使)陷入；猛冲

参考例句：

• Test pool's water temperature before you plunge in.在你跳入之前你应该测试水温。
• That would plunge them in the broil of the two countries.那将会使他们陷入这两国的争斗之中。

2 persistent   

adj.坚持不懈的，执意的；持续的

参考例句：

• Albert had a persistent headache that lasted for three days.艾伯特连续头痛了三天。
• She felt embarrassed by his persistent attentions.他不时地向她大献殷勤，使她很难为情。

3 eroding   

侵蚀，腐蚀( erode的现在分词 )； 逐渐毁坏，削弱，损害

参考例句：

• The coast is slowly eroding. 海岸正慢慢地被侵蚀。
• Another new development is eroding the age-old stereotype of the male warrior. 另一个新现象是，久已形成的男人皆武士的形象正逐渐消失。

4 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。

5 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。

6 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

7 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

8 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

9 woes   

困境( woe的名词复数 )； 悲伤； 我好苦哇； 某人就要倒霉

参考例句：

• Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
• She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。

10 eventual   

adj.最后的，结局的，最终的

参考例句：

• Several schools face eventual closure.几所学校面临最终关闭。
• Both parties expressed optimism about an eventual solution.双方对问题的最终解决都表示乐观。

11 initiated   

n. 创始人 adj. 新加入的 vt. 开始，创始，启蒙，介绍加入

参考例句：

• He has not yet been thoroughly initiated into the mysteries of computers. 他对计算机的奥秘尚未入门。
• The artist initiated the girl into the art world in France. 这个艺术家介绍这个女孩加入巴黎艺术界。

12 advisor   

n.顾问，指导老师，劝告者

参考例句：

• They employed me as an advisor.他们聘请我当顾问。
• The professor is engaged as a technical advisor.这位教授被聘请为技术顾问。

13 wrestled   

v.（与某人）搏斗( wrestle的过去式和过去分词 )；扭成一团；扭打；（与…）摔跤

参考例句：

• As a boy he had boxed and wrestled. 他小的时候又是打拳又是摔跤。
• Armed guards wrestled with the intruder. 武装警卫和闯入者扭打起来。 来自《简明英汉词典》

14 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》

15 stimulate   

vt.刺激，使兴奋；激励，使…振奋

参考例句：

• Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
• Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。