歐元區多國政府債券收益率跌至新低

Eurozone government borrowing costs sank to historic lows yesterday as investors increased bets that the European Central Bank would take aggressive action to avert a deflationary slump, following early data indicating that the region’s recovery slowed in August.

歐元區多國政府的借款成本昨日降至歷史低位。初步數據顯示歐元區的復甦在進入8月之後放緩，投資者因而加大對歐洲央行(ECB)會採取積極行動以避免通縮和衰退的押注。

The “flash” purchasing managers’ index for the currency bloc fell to 52.8 from 53.8 in July, Markit said, amid signs that geopolitical tensions were hurting sentiment among eurozone manufacturers. While the figure is above the crucial 50 mark, which signals an expansion in activity, momentum appears too subdued to create jobs in a region where unemployment is in double digits. The PMI data “fit with the story of weak growth and low inflation, which make it more likely that the ECB will have to act”, said Alessandro Tentori, head of rates strategy at Citigroup.

數據提供商Markit表示，歐元區的採購經理指數預覽值(flash PMI)從7月的53.8降至8月的52.8，顯示了地緣政治的緊張局勢打擊歐元區製造商信心的跡象。儘管該數值處於50的關鍵水平之上，表明經濟活動仍處於擴張狀態，但經濟動力明顯十分低迷，導致無法在失業率達兩位數的歐元區創造就業。花旗集團(Citigroup)的利率策略部門主管亞歷山德羅•滕托裏(Alessandro Tentori)說，PMI數據“符合增長疲弱和低通脹的經濟狀況，這使歐洲央行更有可能採取行動”。

Amid calls for the ECB to start quantitative easing to rid the region of the threat of stagnation, president Mario Draghi will today speak at the central bankers’ Jackson Hole summit in the US. Any ECB action to start QE could see eurozone government bonds being bought on a large scale.

在市場對歐洲央行啓動量化寬鬆(QE)政策以避免歐洲陷入經濟停滯的呼聲中，歐洲央行行長馬里奧•德拉吉(Mario Draghi)今天將在美國傑克遜霍爾(Jackson Hole)舉行的央行官員峯會上發表講話。歐洲央行採取的任何啓動量化寬鬆政策的行動，都可能引起對歐元區政府債券的大規模購入。

Yields on Spanish 10-year bonds, which move inversely to prices, fell to a euro-era low of 2.37 per cent while Italy’s were scarcely higher than their record low at 2.59 per cent.

西班牙的10年期政府債券收益率（與價格走勢成反比）已經跌至2.37%的歐元時代低位。意大利的債券收益率則爲2.59%，略高於該國記錄低位。

Portuguese yields fell to a near-decade low of 3.22 per cent – despite fears about weaknesses in its banking system triggered by last month’s crisis over Banco Espírito Santo, the country’s largest listed lender.

葡萄牙的債券收益率降至3.22%，爲接近10年以來的低位——儘管上月該國最大上市銀行聖靈銀行(Banco Espírito Santo)的危機引發了市場對於葡萄牙銀行體系疲弱的擔憂。

Chris Williamson, chief economist at Markit, said the region was on course for growth of 0.3-0.4 per cent in the third quarter, a level “unlikely to stimulate any real turnround in the labour market”.

Markit的首席經濟學家克里斯•威廉姆森(Chris Williamson)表示，歐元區第三季度的增長率將爲0.3%到0.4%，這樣的增長水平“不太可能刺激勞動力市場發生任何真正的扭轉”。

The fall in PMI follows weak gross domestic product figures for the eurozone last week, with the recovery slamming on its brakes in the second quarter. Data suggested its factories were no longer powering the recovery, with the PMI manufacturing reading falling to 50.8.

此前，上週發佈了疲弱的國內生產總值(GDP)數據，經濟復甦在第二季度緊急剎車。數據似乎顯示，歐元區製造業已經不再推動復甦，製造業PMI跌至50.8。

“This survey will add to pressure on the ECB to do more to support the flagging eurozone economy, even while other major central banks start to move in the opposite direction,” said Jennifer McKeown, an economist at Capital Economics.

凱投宏觀(Capital Economics)的經濟學家珍妮弗•麥基翁(Jennifer McKeown)說：“這項調查會增大歐洲央行採取更多行動支持日漸低迷的經濟的壓力，即使其他的主要央行開始採取相反的行動。”