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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.
全球股市和债市周三下跌，投资者降低了对欧元区、英国和美国将迅速降息的预期。
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.
在欧洲央行行长克里斯蒂娜•拉加德(Christine Lagarde)暗示，借贷成本将在夏季而非春季下降之后，全球股市出现了抛售。此前，英国通胀在10个月来首次出现上升。
Lagarde said market expectations for an ECB rate cut this spring were “not helping” the fight against inflation.
拉加德表示，市场对欧洲央行今年春季降息的预期“无助于”对抗通胀。
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.
欧洲斯托克600指数(Stoxx Europe 600)收跌1.2%，为去年10月底以来最糟糕的一天。伦敦富时100指数(FTSE 100)收盘下跌1.5%，为8月中旬以来最弱的一个交易日。
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.
由于强劲的零售销售数据使人们对美联储提前降息的前景产生了进一步的怀疑，下跌也蔓延到了美国。数据显示，去年12月的支出增速为去年9月以来最快。
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.
纽约标准普尔500指数(S&P 500)和纳斯达克综合指数(Nasdaq Composite)双双下跌0.6%，为两周来最糟糕的一天。
“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投资总监查尔斯•赫普沃斯(Charles Hepworth)表示：“现在看来，对全球央行尽早降息的希望有点乐观。”
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.”
拉加德在被问及她是否同意欧洲央行管理委员会其他成员发出的预计今年夏天将降息的信号时表示：“我也会说很有可能，但我必须有所保留。”
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.
拉加德在世界经济论坛(World Economic Forum)上告诉彭博电视台(Bloomberg TV)，欧洲央行将在“晚春”之前获得有关工资压力的信息。在做出任何降低借贷成本的决定之前，这些数据是必要的。
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.
债券市场也受到抛售的打击，对利率敏感的英国两年期国债收益率（与价格走势相反）攀升0.22个百分点，至4.35%。美国两年期国债收益率上升0.13个百分点，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”.
政府债券价格已受到打击。此前美联储理事克里斯托弗•沃勒(Christopher Waller)在周二警告称，美联储也不应急于降息，并表示政策制定者应“慢慢来，确保我们做得对”。
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.
在英国，通胀率意外升至4%，促使交易员缩减了对英国央行(BoE)降息的押注。
December’s figure was the first rise in UK inflation since February 2023.
去年12月的数据是英国通胀自2023年2月以来首次上升。
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.”
摩根大通私人银行(JPMorgan Private Bank)全球市场策略师马修•兰登(Matthew Landon)警告称，这些数据几乎肯定会推迟英国央行的政策转向：“市场可能太过热衷于（英国央行）今年能削减多少次利率。”
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.
欧洲股市对欧洲央行降息时间晚于预期的前景做出反应，对利率敏感的房地产类股是表现最差的股票之一。法国CAC 40指数下跌1.1%，德国Dax指数下跌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.
在欧洲央行于1月25日召开下次会议之前的平静期开始前一天，拉加德表示，她越来越相信，欧元区通胀将在中期内持续降至欧洲央行2%的目标。欧元区的年度价格涨幅已从2022年10月10.6%的峰值放缓至上月的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.
但这位欧洲央行行长警告称，劳动密集型服务业的通胀率仍过高（去年12月为4%），而且存在薪资高企的风险——去年欧元区雇员薪资上涨5.2%，使物价压力过高。
“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，“除非出现另一次重大冲击，否则我们已经达到了（利率）峰值。但我们必须在必要的时间内保持限制性”，以确保通胀持续下降。“风险在于，我们（降息）走得太快，不得不回来（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.”
她的言论得到了荷兰央行行长、欧洲央行利率制定管理委员会成员克拉斯•诺特(Klaas Knot)的支持。诺特周三对CNBC表示：“市场替我们做的宽松工作越多，我们降息的可能性就越小，在市场基础上继续采取措施的可能性就越小。”
Additional reporting by Harriet Clarfelt in New York
哈里特•卡拉菲尔特(Harriet Clarfelt)纽约补充报道