新興市場股市遭遇大規模資金外流

Global market turbulence has triggered the biggest outflows from emerging market equities in more than a year.

全球市場動盪導致了新興市場股市一年多以來規模最大的資金外流。

Investors removed $9bn from stocks and shares across Africa, Latin America, eastern Europe and Asia in October, according to figures from the Washington-based Institute of International Finance, which tracks all cross-border investment into developing countries by non-residents.

位於華盛頓的國際金融協會(IIF)的數據顯示，10月投資者從非洲、拉美、東歐和亞洲的股市撤出的資金達90億美元。該協會追蹤非居民對發展中國家的全部跨境投資。

Cooling sentiment towards emerging markets because of slowing growth in China and unwinding monetary stimulus in the US has been exacerbated by general nervousness about uneven global growth.

中國增長放緩以及美國退出貨幣刺政策激引發新興市場降溫，全球增長不平衡導致的普遍不安則加劇了新興市場的狀況。

The FTSE Emerging index, which consists of developing countries including China, Brazil and India, has lost more than 10 per cent since early September.

自9月初以來，涵蓋中國、巴西和印度等發展中國家的富時新興市場指數(FTSE Emerging markets index)已下跌逾10%。

“Overall, flows to emerging markets have ground to a halt,” said IIF chief economist Charles Collyns. “There has been some stabilisation in recent days but we expect the pattern of rising risk aversion and shifting Fed rate expectations to continue.”

“總體上看，新興市場的資金流入已趨於停滯，”國際金融協會首席經濟學家查爾斯•科林斯(Charles Collyns)說。“近期雖然資金流入已經趨穩，但預計避險模式及對美聯儲(Fed)利率變化的預期狀況將延續。”

Outflows have been particularly pronounced in emerging Europe, where Russia’s conflict with Ukraine has left Russian companies facing a possible credit crunch unless western sanctions are relaxed, according to credit rating agency Moody’s.

信用評級機構穆迪(Moody's)表示，資金外流在歐洲新興市場表現得尤爲明顯。如果西方不放鬆制裁措施，俄烏衝突會導致俄羅斯企業面臨一種可能的信貸緊縮。

However, figures from the IIF show that equity flows were waning across all emerging markets, including Latin America and emerging Asia, where the Chinese ecommerce company Alibaba made the world’s largest stock market debut in September.

然而，國際金融協會的數據顯示，包括拉美和亞洲新興市場在內，所有新興市場的資金流動都在減弱。在新興亞洲市場，中國電商企業阿里巴巴(Alibaba)成爲9月份全球規模最大的一起首次公開發行。

“When markets are calm investors tend to differentiate between countries more,” said Paul McNamara, a fund manager at GAM. “But right now there has been a blanket reaction across the sector. There have been some domestic problems in places such as Russia, Venezuela and Argentina but what’s happening is really being driven by the developed world.”

“當市場平靜下來，投資者更傾向於區別對待不同的國家，”環球資產管理公司(GAM)的基金經理保羅•麥克納馬拉(Paul McNamara)說。“但目前，所有新興市場引發的反應是一致的。俄羅斯、委內瑞拉和阿根廷等國家存在一些國內問題，但其當前趨勢實際上是由發達世界推動的。”