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Global stocks and bond markets retreated on Wednesday as investors scaled back expectations of swift interest rate cuts in the eurozone, the UK and the US.
全球股市和債市週三下跌，投資者降低了對歐元區、英國和美國將迅速降息的預期。
The worldwide sell-off came after European Central Bank president Christine Lagarde signalled that borrowing costs would come down in the summer rather than spring. It also followed the first rise in UK inflation in 10 months.
在歐洲央行行長克里斯蒂娜•拉加德(Christine Lagarde)暗示，借貸成本將在夏季而非春季下降之後，全球股市出現了拋售。先前，英國通膨在10個月來首次出現上升。
Lagarde said market expectations for an ECB rate cut this spring were “not helping” the fight against inflation.
拉加德表示，市場對歐洲央行今年春季降息的預期「無助於」對抗通膨。
The region-wide Stoxx Europe 600 closed 1.2 per cent lower, its worst day since late October. London’s FTSE 100 finished down 1.5 per cent, the weakest session since mid-August.
歐洲斯托克600指數(Stoxx Europe 600)收跌1.2%，爲去年10月底以來最糟糕的一天。倫敦富時100指數(FTSE 100)收盤下跌1.5%，爲8月中旬以來最弱的一個交易日。
The losses spread to the US as strong retail sales data cast further doubt on the prospect of early rate cuts by the Federal Reserve. The data showed that spending in December accelerated at the fastest pace since September.
由於強勁的零售銷售數據使人們對美聯準提前降息的前景產生了進一步的懷疑，下跌也蔓延到了美國。數據顯示，去年12月的支出增速爲去年9月以來最快。
The S&P 500 and the Nasdaq Composite stock indices both fell 0.6 per cent in New York, their worst day in two weeks.
紐約標準普爾500指數(S&P 500)和那斯達克綜合指數(Nasdaq Composite)雙雙下跌0.6%，爲兩週來最糟糕的一天。
“It now seems that hopes for early cuts in rates from global central banks were a tad optimistic,” said Charles Hepworth, investment director at GAM Investments.
GAM Investments投資總監查爾斯•赫普沃斯(Charles Hepworth)表示：「現在看來，對全球央行儘早降息的希望有點樂觀。」
Asked if she agreed with fellow ECB governing council members who have signalled a rate cut is expected this summer, Lagarde said: “I would say it is likely too, but I have to be reserved.”
拉加德在被問及她是否同意歐洲央行管理委員會其他成員發出的預計今年夏天將降息的信號時表示：「我也會說很有可能，但我必須有所保留。」
Lagarde told Bloomberg TV at the World Economic Forum that the ECB would have the information it required on wage pressures by “late spring”. Such data would be necessary before any decision was made to lower borrowing costs.
拉加德在世界經濟論壇(World Economic Forum)上告訴彭博電視臺(Bloomberg TV)，歐洲央行將在「晚春」之前獲得有關工資壓力的資訊。在做出任何降低借貸成本的決定之前，這些數據是必要的。
Bond markets were also hit by a sell-off, with interest rate-sensitive UK two-year bond yields, which move inversely to prices, climbing 0.22 percentage points to 4.35 per cent. The US two-year yield rose 0.13 percentage points to 4.35 per cent.
債券市場也受到拋售的打擊，對利率敏感的英國兩年期國債收益率（與價格走勢相反）攀升0.22個百分點，至4.35%。美國兩年期國債收益率上升0.13個百分點，至4.35%。
Prices of government debt had already been hit after Fed board member Christopher Waller on Tuesday warned the US central bank should also not rush to cut rates, saying policymakers should “take our time to make sure we do this right”.
政府債券價格已受到打擊。先前美聯準理事克里斯托弗•沃勒(Christopher Waller)在週二警告稱，美聯準也不應急於降息，並表示政策制定者應「慢慢來，確保我們做得對」。
In the UK, the unexpected rise in inflation to 4 per cent prompted traders to scale back bets on rate cuts from the Bank of England.
在英國，通膨率意外升至4%，促使交易員縮減了對英國央行(BoE)降息的押注。
December’s figure was the first rise in UK inflation since February 2023.
去年12月的數據是英國通膨自2023年2月以來首次上升。
Matthew Landon, global market strategist at JPMorgan Private Bank, warned the data would almost certainly delay a policy pivot from the BoE: “Markets may be too enthusiastic about how many cuts the [BoE] can manage this year.”
摩根大通私人銀行(JPMorgan Private Bank)全球市場策略師馬修•蘭登(Matthew Landon)警告稱，這些數據幾乎肯定會推遲英國央行的政策轉向：「市場可能太過熱衷於（英國央行）今年能削減多少次利率。」
As European stocks reacted to the prospect of interest rate cuts coming later than expected, rate-sensitive real estate groups were among the worst performers. France’s CAC 40 dropped 1.1 per cent, while Germany’s Dax slipped 0.8 per cent.
歐洲股市對歐洲央行降息時間晚於預期的前景做出反應，對利率敏感的房地產類股是表現最差的股票之一。法國CAC 40指數下跌1.1%，德國Dax指數下跌0.8%。
Speaking a day before the ECB’s quiet period starts ahead of its next meeting on January 25, Lagarde said she was increasingly confident that eurozone inflation would sustainably drop to the central bank’s 2 per cent target in the medium term. Annual price growth in the bloc has slowed from a peak of 10.6 per cent in October 2022 to 2.9 per cent last month.
在歐洲央行於1月25日召開下次會議之前的平靜期開始前一天，拉加德表示，她越來越相信，歐元區通膨將在中期內持續降至歐洲央行2%的目標。歐元區的年度價格漲幅已從2022年10月10.6%的峯值放緩至上月的2.9%。
But the ECB president warned inflation was still too high in the labour-intensive services sector — at 4 per cent in December — and there was a risk of high wage growth, which pushed up pay 5.2 per cent per eurozone employee last year, keeping price pressures too high.
但這位歐洲央行行長警告稱，勞動密集型服務業的通膨率仍過高（去年12月爲4%），而且存在薪資高企的風險——去年歐元區僱員薪資上漲5.2%，使物價壓力過高。
“Short of another major shock we have reached a peak” in interest rates, she said. “But we have to stay restrictive for as long as necessary” to ensure inflation keeps falling. “The risk would be we go too fast [on rate cuts] and have to come back and do more [rate increases].”
她表示，「除非出現另一次重大沖擊，否則我們已經達到了（利率）峯值。但我們必須在必要的時間內保持限制性」，以確保通膨持續下降。「風險在於，我們（降息）走得太快，不得不回來（加息）更多。」
Her comments were backed up by Klaas Knot, head of the Dutch central bank and a member of the ECB rate-setting governing council, who told CNBC on Wednesday: “The more easing the markets has already done for us, the less likely we will cut rates, the less likely we’ll add to it.”
她的言論得到了荷蘭央行行長、歐洲央行利率制定管理委員會成員克拉斯•諾特(Klaas Knot)的支援。諾特週三對CNBC表示：「市場替我們做的寬鬆工作越多，我們降息的可能性就越小，在市場基礎上繼續採取措施的可能性就越小。」
Additional reporting by Harriet Clarfelt in New York
哈里特•卡拉菲爾特(Harriet Clarfelt)紐約補充報導