青島希尼爾翻譯公司（theheretical.com）整理發(fā)布2015-11-07

希尼爾翻譯公司（theheretical.com）2015年11月7日了解到： 研究公司凱投宏觀(Capital Economics)最近使用其專有的“GDP增長追蹤器”的數(shù)據(jù)表明，今年8月新興市場增長率達(dá)到3%，高于7月的2.8%。
Capital Economics, the research firm, used its proprietary “GDP growth tracker” data this week to show that emerging market growth rose to 3 per cent in August, up from 2.8 per cent in July.

The tracker shows a close correlation with subsequent official EM GDP data over time. 傳統(tǒng)上，該追蹤器與隨后陸續(xù)發(fā)布的新興市場官方GDP數(shù)據(jù)有著密切的關(guān)聯(lián)。

“There is no sign in recent months’ data of the collapse in growth that many have been talking about,” said Mark Williams, chief Asia economist at Capital Economics in a report.

“Indeed, growth appears to have been fairly stable. If anything, conditions now seem to be improving.” 凱投宏觀首席亞洲經(jīng)濟(jì)學(xué)家馬克?威廉姆斯(Mark Williams)在一篇報(bào)告中表示：“與許多人談?wù)摰牟灰粯?，最近幾個(gè)月的數(shù)據(jù)沒有顯示出增長崩潰的任何跡象?！?span id="8kmpq35" class="style43">

The growth tracker data show that the pace of expansion in three key EM regions — emerging Europe, emerging Asia and Latin America — is showing signs of stabilisation. “實(shí)際上，增長似乎相當(dāng)穩(wěn)定。如果說有什么變化，那就是現(xiàn)在的情況似乎有所改善?！?span id="gnxq9i9" class="style43">

Mr Williams says this shift derives from some significant changes in the EM firmament. 增長追蹤器的數(shù)據(jù)顯示，新興歐洲、新興亞洲和拉丁美洲這3個(gè)主要新興市場地區(qū)的經(jīng)濟(jì)擴(kuò)張步伐都顯示出企穩(wěn)跡象。

The recession in Russia appears to be moderating, while Latin America seems to have passed a trough and China’s growth has also stabilised, he argues. 威廉姆斯表示，這種轉(zhuǎn)變?cè)从谛屡d市場宏觀環(huán)境的一些重大變化。

Emerging Europe steadies 他辯稱，俄羅斯經(jīng)濟(jì)衰退似乎在趨緩，同時(shí)拉美似乎走出了低谷，而中國的增長也在企穩(wěn)。

Economic Sentiment Indicators for the month of October, released by the European Commission on Thursday, showed an improvement in seven among nine central and eastern European countries covered. 新興歐洲企穩(wěn)

Only the Czech Republic and Hungary — where economic sentiment remained robust — showed a slight deterioration in optimism in the month compared with September. 歐盟委員會(huì)(European Commission)上周四發(fā)布的10月“經(jīng)濟(jì)情緒指標(biāo)”顯示，在該指標(biāo)涵蓋的9個(gè)中、東歐國家里，有7個(gè)國家的經(jīng)濟(jì)情緒出現(xiàn)改善。

Romania, Poland, Slovakia, Bulgaria, Latvia, Lithuania and Estonia all showed an improvement in sentiment, bringing the aggregate level to its highest point since September 2008. 只有捷克和匈牙利這兩個(gè)之前經(jīng)濟(jì)情緒保持樂觀的國家的樂觀情緒與9月相比稍有減退。

The indicators, which accurately portrayed the 2008-09 crisis and subsequent recovery, are arrived at by surveying representatives of the manufacturing, services, retail and construction industries, as well as consumers. 羅馬比亞、波蘭、斯洛伐克、保加利亞、拉脫維亞、立陶宛和愛沙尼亞全都顯示情緒出現(xiàn)改善，整體水平達(dá)到2008年9月以來的最高點(diǎn)。

The Capital Economics GDP tracker for emerging Europe showed a contraction of 1.4 per cent in August, improving on the 1.8 per cent fall in both July and June. Much of this improvement derives from a moderation in Russia’s recession, the firm said. 這些指標(biāo)曾準(zhǔn)確描述2008年至2009年的經(jīng)濟(jì)危機(jī)以及隨后的復(fù)蘇，它們是在對(duì)制造業(yè)、服務(wù)業(yè)、零售業(yè)和建筑業(yè)代表以及消費(fèi)者進(jìn)行調(diào)查之后得出的。

Others, though, are less sanguine on Russia. 凱投宏觀的新興歐洲GDP追蹤器顯示，今年8月該地區(qū)經(jīng)濟(jì)收縮1.4%，較7月和6月1.8%的收縮幅度有所好轉(zhuǎn)。該公司表示，這種改善在很大程度上源于俄羅斯衰退趨緩。

Dmitri Petrov, an analyst at Nomura, cast doubt over the sustainability of a jump in Russian industrial production for September, noting that the figure was swollen by a number of one-off factors — including the delivery of locomotives under a government-funded purchase order. 然而，其他人對(duì)俄羅斯沒有那么樂觀。

Perhaps more telling for Russia’s outlook was a fall in retail sales during the month. This appeared consistent with what Gazprom Bank noted in a research note has been a vicious slump in nominal wage growth to a historic low of 4.5 per cent in October.

Given that inflation is running at 15.5 per cent, Russian households are seeing their real spending power evaporate. 野村證券(Nomura)分析師德米特里?彼得洛夫(Dmitri Petrov)對(duì)俄羅斯9月工業(yè)產(chǎn)值飆升的可持續(xù)性表示懷疑，他指出，該數(shù)據(jù)得益于眾多一次性因素，包括政府采購的一批鐵路機(jī)車交貨。

In addition, Russia’s official full-year GDP growth forecast was revised downward in October to minus 3.9 per cent, lower than the minus 3.3 per cent forecast in September, Gazprom Bank noted. 或許更能說明俄羅斯前景的是，9月零售銷售下降。這似乎與俄羅斯天然氣工業(yè)銀行(Gazprom Bank)在一份研究報(bào)告中所指出的相符：今年10月名義薪資增長跌至4.5%的歷史最低水平。

China divides opinion, but services at least are robust 鑒于通脹率高達(dá)15.5%，俄羅斯家庭的實(shí)際購買力大幅下降。

China is another economy that divides opinion. Industrial output in September was weak, rising just 5.7 per cent year on year from 6.1 per cent in August as those industries hit by overcapacity continued their painful adjustment. The cement, flat glass, crude steel and coking coal industries all posted a year-on-year decline in output during the month. 此外，俄羅斯天然氣工業(yè)銀行指出，俄羅斯官方的全年GDP增長預(yù)測(cè)在10月向下修正為-3.9%，遜于9月預(yù)測(cè)的-3.3%。

Nevertheless, retail sales growth picked up during the month, demonstrating again the dichotomy between the slowing manufacturing and buoyant services sectors. 中國的形勢(shì)讓人意見分歧，但至少服務(wù)業(yè)強(qiáng)勁

Retail sales growth rose 10.9 per cent year on year in September, up from 10.8 per cent in August. Such buoyancy was also reflected by FT Confidential Research survey data, which showed that 56.7 per cent of respondents increased their spending in September, up from 54.9 per cent in August. 中國是又一個(gè)引發(fā)意見分歧的經(jīng)濟(jì)體。9月工業(yè)產(chǎn)值疲弱，同比僅增長5.7%，而8月增長6.1%，原因是那些產(chǎn)能過剩的產(chǎn)業(yè)繼續(xù)進(jìn)行痛苦的調(diào)整。水泥、平板玻璃、粗鋼和焦煤行業(yè)9月產(chǎn)值全都出現(xiàn)同比下降。

Shen Jiangguang, chief Asia economist at Mizuho Securities, forecasts that China’s GDP growth rate in the fourth quarter will rise to above an officially reported 7 per cent, after easing to an official 6.9 per cent in the third quarter. He, along with many other China analysts, regards official growth figures as significantly overstating China’s real levels of GDP growth. 然而，9月零售銷售出現(xiàn)起色，再次表明要一分為二地看待中國，一方面是制造業(yè)放緩，另一方面是服務(wù)業(yè)強(qiáng)勁。

Nevertheless, a genuine stabilisation is in prospect, according to Mr Shen. It will be driven by further monetary loosening and increased pressures on banks to boost lending. 9月零售銷售同比增長10.9%，而8月是10.8%。英國《金融時(shí)報(bào)》旗下研究服務(wù)部門“投資參考”(FT Confidential Research)的研究數(shù)據(jù)也反映出此類積極跡象，數(shù)據(jù)顯示，56.7%的受訪者在9月增加支出，高于8月的54.9%。

Others disagree. David Hensley, analyst at JPMorgan, thinks Chinese infrastructure spending will gain speed as Beijing’s fiscal stimulus kicks in and this will stabilise GDP growth in the range of 6 to 6.5 per cent when it happens. 瑞穗證券(Mizuho Securities)首席亞洲經(jīng)濟(jì)學(xué)家沈建光預(yù)計(jì)，在第三季度官方GDP數(shù)據(jù)放緩至6.9%之后，中國第四季度官方GDP增長率將高于7%。和其他許多中國分析師一樣，他認(rèn)為官方增長數(shù)據(jù)顯著高估了中國GDP增長的實(shí)際水平。

But so far there is no evidence of this, resulting in a forecast of 6.3 per cent GDP growth for the fourth quarter, Mr Hensley said. 然而，沈建光表示，中國經(jīng)濟(jì)增長有望真正企穩(wěn)。中國政府將進(jìn)一步出臺(tái)貨幣寬松舉措，并要求銀行加大放貸力度，這將會(huì)推動(dòng)中國經(jīng)濟(jì)增長。

Latin America shows few positive signs 其他人對(duì)此并不贊同。摩根大通(JPMorgan)分析師大衛(wèi)?亨斯利(David Hensley)認(rèn)為，隨著中國政府的財(cái)政刺激產(chǎn)生效果，中國的基礎(chǔ)設(shè)施支出將會(huì)加速，屆時(shí)GDP增長將在6%至6.5%的區(qū)間企穩(wěn)。

Although some analysts say that signs of a stabilisation in China should underpin commodity prices and thus benefit Latin American producer-oriented economies such as Brazil, the outlook for the continent’s largest economy remains clouded by domestic issues. 但亨斯利表示，迄今并沒有這方面的跡象，這導(dǎo)致第四季度GDP的增長預(yù)測(cè)為6.3%。

“The economic conditions [in Brazil] remain awful,” wrote Monica Defend, head of global asset allocation research at Pioneer Investments. “The economy is in a deep recession and inflation is still high, notwithstanding the aggressive hawkish stance of the central bank. The perspectives are not rosy.” 拉美沒有什么積極跡象

To compound matters, political risk remains high with the possibility that President Dilma Rousseff may be impeached. 盡管一些分析師表示，大宗商品價(jià)格理應(yīng)受到中國經(jīng)濟(jì)增長企穩(wěn)跡象的支撐，從而讓巴西等以大宗商品生產(chǎn)為主的拉美經(jīng)濟(jì)體受益，但拉美最大經(jīng)濟(jì)體的經(jīng)濟(jì)前景依然受到國內(nèi)問題的拖累。

In August, Standard & Poor’s downgraded Brazil’s foreign currency investment grade rating to junk, citing a revision of budget targets and uncertainty over the commitment of the government and Congress to the austerity programme. 鋒裕投資(Pioneer Investments)的全球資產(chǎn)配置研究總監(jiān)莫妮卡?德芬迪(Monica Defend)寫道：“（巴西）經(jīng)濟(jì)狀況依然很糟糕。該國經(jīng)濟(jì)深陷衰退，同時(shí)盡管巴西央行采取激進(jìn)鷹派立場，但通脹居高不下。前景并不樂觀?！?span id="84moztd" class="style43">

The outlook for Mexico, by contrast, appears more stable. Jorge O. Mariscal, CIO Emerging Markets at UBS, sees corporate earnings growth continuing at a high single-digit rate, but the peso’s volatility against the US dollar adds uncertainty. Third-quarter earnings, therefore, are set to show a positive trend but this will still not be enough to justify a bullish strategy toward Mexico, Mr Mariscal said. 雪上加霜的是，由于巴西總統(tǒng)迪爾瑪?羅塞夫(Dilma Rousseff)有可能遭到彈劾，政治風(fēng)險(xiǎn)依然很高。

今年8月，標(biāo)準(zhǔn)普爾(Standard & Poor's)將巴西外幣投資級(jí)別下調(diào)至“垃圾”級(jí)，理由是巴西調(diào)整預(yù)算目標(biāo)，以及圍繞該國政府和國會(huì)對(duì)于緊縮計(jì)劃承諾的不確定性。

相比之下，墨西哥的前景似乎比較穩(wěn)定。瑞銀(UBS)新興市場首席投資官豪爾赫?馬里斯卡爾(Jorge O. Mariscal)預(yù)計(jì)，企業(yè)盈利將保持較高的個(gè)位數(shù)增長，但比索兌美元的波動(dòng)增加了不確定性。因此，第三季度盈利將呈現(xiàn)積極趨勢(shì)，但這將不足以說明應(yīng)該看好墨西哥。

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