United States 美国

　　The sub-prime mortgage spectre returned to stalk the markets this week, as increased bond yields and higher oil prices contributed to investor nervousness. The Dow Jones ended 2.1% lower, while the NASDAQ was down 1.4%. Financial stocks were hit hard after two Bear Stearns-managed hedge funds that sought to profit from the sub-prime mortgage market teetered on the brink of collapse. Markets in collateralised-debt obligations were rocked after creditors including Merrill Lynch seized more than USD1 billion of assets from the struggling funds, prompting fears of a fire sale.

　　Bear Stearns fell after offering a bail-out of USD3.2 billion in secured loans to one of the funds, increasing its own exposure to sub-prime mortgages and driving other investment banks lower. Rising crude prices also undermined equities, as a strike in Nigeria, Africa's largest oil producer, provoked supply fears. A successful debut for Blackstone on Friday provided a boost. The private equity giant surged to close 13% higher than its placement price of USD31. The trend for share buybacks also offered some support, with both Expedia and Home Depot lifted by announcements of repurchase plans. Expedia said it would buy up to 42% of its outstanding common stock, while Home Depot planned to borrow USD12 billion towards the cost of repurchasing almost a third of its shares.

　　Economic data was mixed. Housing starts fell in May for the first time since January, down 2.1% as the National Association of Home Builders/Wells Fargo index of sentiment reached a 16-year low. Weekly jobless claims also rose more than expected, up 10,000. However, the May index of leading economic indicators rose 0.3%, slightly ahead of expectations. The Philadelphia Federal Reserve Bank's factory index was also encouraging, jumping to its highest level in more than two years in June.

　　债券孳息率上升及油价上涨都令投资者大为紧张，上周股市再受次级按揭困扰。道琼斯指数低收2.1%，纳斯达克指数则跌1.4%。两项由贝尔斯登（Bear Stearns）管理、原本着眼于次级按揭市场的对冲基金濒临倒闭，拖累金融股大跌。包括美林证券在内的债权人没收该等基金超过10亿美元的资产，有抵押债务承担市场大受震荡，触发大跌隐忧。贝尔斯登向其中一项基金提供32亿美元有抵押贷款援助，令其次级按揭风险加剧，将其它投资银行股推低。 原油价格上涨亦令股市受压，非洲最大产油国尼日利亚石油工人罢工触发供应隐忧。私募基金巨头百仕通（Blackstone）于上周五上市股价急升，收市价比配售价31美元高出13%。股份回购趋势亦提供一定承接，Expedia及Home Depot都因为宣布股份回购计划而上升。Expedia表示会购回最多达42%的已发行普通股，Home Depot则计划借入120亿美元作为回购几达三分一股份的所需资金。 经济数据荣辱互见。5月份新屋动工量下降2.1%，乃1月以来首次下降，建屋意欲指数降至16年低位。每周申领失业金人数增加10,000人，升幅超过预期。不过，5月份领先经济指标指数却上升0.3%，稍胜预期。6月份费城联邦储备银行的工厂指数亦升上两年多新高，表现令人鼓舞。

　　Europe  欧洲

　　European investors focused on interest rate concerns this week, with retail and property stocks among those leading the markets lower. Rising oil prices and volatility in broader markets also contributed to selling pressure, and the MSCI Europe Index ended the week down 2.0%. Germany's DAX fell 1.0% as weaker than expected business confidence in June added to investor nervousness. The EU statistics office also revealed that European industrial exports fell in April, dampened by the stronger euro.

　　The French CAC 40 was down 1.3% over the week, while the Swiss SPI fell 2.1%. The FTSE 100 was the worst performer, falling 2.5% amid a flurry of profit taking. Retailers in particular were hit by heavy selling pressure after Tesco reported disappointing growth and predicted a "tougher year" due to rising interest rates and increasing competition.

　　Financial stocks also slumped on interest rate fears and renewed concerns over the repercussions of the US sub-prime mortgage crisis. However, M&A speculation in the sector continued to offer some support, with UK fund manager Invesco among those boosted by takeover rumours. Other beneficiaries of takeover speculation included UK gas supplier Centrica, which continued to be linked with a possible bid from Gazprom. Brewer Scottish & Newcastle fell, however, as expectations of a bid from Danish rival Carlsberg faded.

　　上周欧洲投资者着眼于加息隐忧，零售和地产股带动大市向下。油价上涨和市场波动都造成沽压，摩根士丹利欧洲指数收市跌2.0%。德国DAX跌1.0%，6月份营商信心逊于预期，令投资者忧心忡忡。受欧元汇价上升拖累，4月份欧洲工业出口亦见下降。法国CAC 40指数跌1.3%，瑞士SPI指数则跌2.1%。 获利盘涌现，英国富时100指数表现最劣，下跌2.5%。Tesco宣布增长欠佳，预计今年因加息和竞争加剧而更加艰巨，零售股更面对沉重沽压。息口忧虑浮现，加上市场关注美国次级按揭危机扩散，金融股亦见下挫。不过，行内并购传闻却继续提供若干支持，英国基金管理机构亦受收购传闻刺激。其它受到收购传闻刺激的公司包括和Gazprom可能提出收购扯上关系的英国燃气供货商Centrica。不过，啤酒商Scottish & Newcastle却因为丹麦对手嘉士伯（Carlsberg）收购计划告吹而下跌。

　　Global Emerging Markets  环球新兴市场

　　Emerging markets had a volatile week, with the MSCI EM Index hitting a record high on Thursday before declining with Asian markets to end up 1.3%. In Latin America, Mexico's IPC slid 1.5% on concerns that proposed tax changes will reduce company profits. Cemex, North America's leading cement producer, led the falls after the company said profit may decline due to the US housing slump. Brazil's BOVESPA also fell, ending 0.5% lower, as investors became more risk averse on concerns that US sub-prime mortgage woes could spread.

　　Emerging Europe continued to perform strongly. The region's outperformer was Hungary's BUX, which rose 3.1% over the week, boosted by share buybacks, to reach its highest close ever. The row over Siberia's Kovykta gas field ended as OAO Gazprom took control of the stake owned by BP's Russian subsidiary, TNK-BP. State-run Gazprom will pay up to USD900 million for TNK-BP's 63% share of the field and half of its regional pipeline, and the two companies will set up a global joint venture. Russia's RTS index rose 0.7% over the week on improved inflation data. In Africa, meanwhile, South Africa's JSE All Share ended the week down 0.8%, paced by mining companies as metal prices fell.

　　上周新兴市场表现反复，摩根士丹利新兴市场指数于上周四创新高，其后跟随亚洲市场回落，收市升1.3%。拉丁美洲方面，市场忧虑建议中的税务改革会令企业溢利受压，墨西哥股市跌1.5%。北美洲领先水泥生产商Cemex宣布溢利可能因美国楼市低潮而下降，拖累大市向下。巴西股市亦低收0.5%，投资者关注美国次级按揭问题蔓延，避险心态因而加剧。 欧洲新兴市场续处强势。匈牙利受股份回购刺激而表现突出，上周升3.1%，逼近历来收市高位。有关西伯利亚Kovykta气田的纷争已告一段落，BP俄罗斯附属公司TNK-BP所拥有的股权终于落入OAO Gazprom手上。Gazprom将会就TNK-BP所拥有63%气田股权及一半的区内管道支付多达9亿美元，两门公司将会设立合营企业。上周俄罗斯股市因通胀数据改善而升0.7%。非洲方面，金属价格下跌拖累矿务公司股价，南非股市跌0.8%。

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