Fears that unco-ordinated financial regulation could undermine the fragile economic recovery sparked a crisis of confidence among investors.

　　有关金融监管不协调可能破坏脆弱经济复苏的担忧，引发了投资者的信心危机。

　　US, European and Asian stocks tumbled, while some eurozone government bond markets seized, prompted in part by unilateral moves by Germany to ban naked short selling and the politicised debate over the US financial regulation bill.

　　美国、欧洲和亚洲股市暴跌，同时一些欧元区国债市场陷入冻结，部分原因是德国单方面实施裸卖空禁令和有关美国金融监管法案的政治化辩论。

　　A worse-than-expected report on weekly US jobless claims and Greek protests over wage cuts also sent investors scurrying for safety, away from the euro and into US Treasuries, German bonds and UK gilts.

　　美国周失业报告糟于预期，以及希腊民众抗议减薪，也让急于寻找安全投资的投资者远离欧元，进入美国、德国和英国的国债市场。

　　David Owen, chief European financial economist at Jefferies, said: “The lack of clarity from the politicians has shattered confidence to the extent that stocks are selling off and the eurozone government bond markets are at a standstill.”

　　Jefferies首席欧洲金融经济学家戴维•欧文(David Owen)表示：“政治家的含糊其辞已经打击了投资者信心，以致股市暴跌，欧元区国债市场陷入停滞。”

　　Angela Merkel, Germany's chancellor, fanned the growing fear of political intervention in the markets with her comments at the opening of a high-level conference on financial market regulation in Berlin yesterday.

　　德国总理安格拉•默克尔(Angela Merkel)昨日在柏林召开的高层金融市场监管会议上的讲话，让人们越来越担心市场中的政治干预。

　　“We need the financial industry to be honest with us,” she said. “If we don't get honesty, then we might not do the right thing technically but we will do the right thing politically.”

　　她表示：“我们需要金融业对我们坦诚相见。如果它们做不到这一点，那么我们可能不会实施技术上正确的举措，而是会实施政治上正确的举措。”

　　David Cameron, Britain's new prime minister, is expected to stress the need for international co-ordination when he meets Ms Merkel tomorrow. The unilateral ban on naked short selling was described by one British official as “crackers”.

　　预计英国新首相戴维•卡梅伦(David Cameron)明日会晤默克尔时，将会强调国际协同的必要性。一位英国官员将德国单方面禁止裸卖空描述为“发疯了”。

　　The pan-European FTSE Eurofirst 300 index dipped close to eight-month lows, the FTSE 100 was just above lows of the year, while the S&P 500 and the Nikkei 225 Average dropped through the 1,100 and 10,000 marks respectively.

　　泛欧富时Eurofirst 300指数跌至近8个月低点，富时100指数仅略高于年内低点，而标普500指数和日经225平均指数分别跌破1100点和1万点关口。

　　The sharp rise in risk aversion saw the Vix, the Wall Street “fear gauge” and best guide to market volatility, jump to 13-month highs. Market makers in eurozone government bonds said the market was no longer functioning for the weaker economies of Portugal, Spain and Greece.

　　避险情绪大幅上升，推动Vix指数上涨至13个月高点。Vix指数是华尔街的“恐惧指标”，也是反映市场波动的最佳指引。欧元区国债市场的做市商表示，葡萄牙、西班牙和希腊等欧元区较弱经济体的国债市场已不再运转。