全球政府債券價格飆升 股市下行

The global rally in government bonds broke records on Friday while equities buckled as a combination of anxiety over the world economy and Britain’s referendum on EU membership sent investors racing to safety.

全球政府債券價格飆升勢頭週五打破紀錄，而股市下行，對全球經濟以及英國歐盟(EU)成員國身份公投的擔憂促使投資者紛紛涌向安全資產。

Bears took charge of financial markets already grappling with the effects of negative interest rates in the eurozone and Japan as European equities suffered their worst day since the market meltdown at the start of the year.

熊市行情主宰着已在努力應對歐元區和日本負利率影響的金融市場，歐洲股市遭遇自今年初市場暴跌以來最糟糕的一天。

“To see the 10-year Bund [yield] so close to zero is shocking,” said Philip Brown, head of sovereign capital markets at Citigroup. “Equities are falling and fixed income is rallying in a flight to quality — there are real fears in markets about global growth.”

“10年期德國國債收益率降至如此接近零的水平，令人震驚，”花旗集團(Citigroup)主權資本市場主管菲利普•布朗(Philip Brown)表示，“隨着人們涌向高質量資產，股市在下跌，固定收益證券價格在飆升，市場對於全球增長確實感到擔憂。”

German, UK and Japanese sovereign bond yields all reached historic lows with the yield on the 10-year Bund — a benchmark for the eurozone — falling as low as 0.01 per cent. Gold also rallied as deeper risk aversion dashed any hopes that US stocks would reach a new high this week.

德國、英國和日本主權債券收益率均觸及歷史低位，10年期德國國債（歐元區基準）收益率一度降至0.01%的低位。黃金價格也飆升，因更深層次的避險情緒粉碎了有關美國股市本週將觸及新高的希望。

Bond prices, which move in the opposite direction to yields, have been electrified by moves by the European Central Bank and the Bank of Japan to cut interest rates into negative territory in their latest efforts to revive listless economies.

作爲提振低迷經濟的最新努力，歐洲央行(ECB)和日本央行(Bank of Japan)將利率降至負值，這些舉措提振了債券價格（與收益率走勢相反）。

The succession of record lows across European and Japanese government bond markets this week is stirring concern over the long-term effects on savers and pension plans, as well as the wider threat of financial instability should the rally unwind sharply.

歐洲和日本政府債券市場的收益率本週接連觸及創紀錄低位，令人擔心儲戶和養老金計劃將受到的長期影響，以及一旦價格漲勢急速回轉將帶來的全方位的金融不穩定威脅。