CMC Markets专栏-道指滑落千点 市场启动修正

昨日美国股市出现急速下滑， 道琼斯指数下跌588点，跌幅3.57%，道指在收盘前最低下跌超过1000点；美国标普500与纳斯达克指数分别下滑3.94%与3.82%。

欧洲方面，英国富时指数100下跌288点，跌幅4.67%；欧洲指数50下跌173点，跌幅5.35%；德指30下跌476点，收盘9638.62，跌幅4.70%，创年内新低；日经指数下跌895点，跌幅4.61%。亚太地区，恒生指数下跌1158点，跌幅5.17，澳大利亚指数200下跌213点，跌幅4.09%。

以美国股市为代表的全球股市大跌表明市场对于全球经济增速放缓尤其是中国经济下滑的担忧。昨日美联储官员Lockhart讲话中表示希望美国的货币政策能够逐步回到“正常”的轨道上来，然而由于中国人民币的贬值与原油价格的持续下滑，使得美国加息的计划变得更加复杂。他表示仍然坚持年度内实行加息的预期。

市场呈现明显避险情绪，投资者急速撤离股市转由避险性投资。避险性货币欧元，日元大幅上涨。欧元对美元日内涨幅达2.09%，已经突破1.16关口；美元对日元昨日下跌2.72%，最大跌幅达下跌559点，收盘于118.40。黄金仍然震荡于近日高位，昨日最高触及1170美元/盎司。美国10年期国债收益率下滑至2%以下，投资者向更保守的方向进行转移。相应之下，澳币、纽币与加元大幅滑落，均跌破近日低位，澳币美元、纽币美元分别最低触及低位0.7040与0.6247。

市场昨日的超级行情是对于各国长期货币宽松政策的大动作修正，自2008年金融危机以来各国纷纷采取刺激经济增长的“非正常”货币宽松政策，使得全球经济逐步出现供过于求、需求明显放缓的局势。货币贬值宽松政策是临时解决危机的有效手段，然而回到根本的经济规律上，过度宽松将会引发供求不平衡的最终结果。由欧洲希腊问题为首发，以中国货币大幅贬值而逐步引发的投资修正行为正是目前市场所呈现的状况。通过合理的投资方向与供求关系的修正，市场将有望回到正常的轨道中并以经济规律为根本循序渐进的发展运行。

作者：Tina Teng- CMC Markets 销售与客户培训主管

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