because unfortunately I have to report the world's stock markets in their first bear market in some five years.

很不幸的，我必須向各位宣佈全球股市在這五年來首度跌入熊市。

This is the FTSE-All World indexes now down at the close here in the Wall Street.

這是富時環球指數在華爾街收盤的情況，

They are more than 20 percent from its recent high.

自近期高點重挫兩成，

You do see if you look at it in broader context,

綜觀而言，你會發現

that it's actually not that long since the last bear market that was when fears over the U.S. credit limit debt ceiling

這次的衰退距上次的熊市並無相隔太久。先前由於美國債務上限危機的關係，

collided with worries about the eurozone to give us a slightly greater bear market back in 2011.

再加上投資者對歐元區的擔憂，2011年步入嚴重熊市。

Obviously, still doesn't compare with the fallout from the dot-com bust,

很明顯的，這還比不上2000年網路泡沫化的慘況，

or the credit crisis, so there's still a lot further we could fall alternatively.

或是2008年的金融危機，所以現在下跌的趨勢仍然多變。

This is still not really such a deep market recession.

這還不算是嚴重的股市衰退。

Now, if we want to go through the guts of today,

好消息是，

we did actually see the S&P rise quite significantly after in the afternoon.

我們可以看到今日下午 S&P 指數明顯上升，

Largely thanks to market rumours that OPEC is about to get its acts together,

這得歸功於有關 OPEC 會員國即將合作、

and coordinates to try to push up oil prices.

共同推升油價的謠言。

Obviously if that turns out to be true, that would help many risk assets,

很明顯的，如果謠言成真，會對風險性資產有所幫助，

even if it's not exactly having dependency on it, to all who worries them playing the greatest concern at this point about banks.

雖然風險性資產並不是完全取決於油價的上揚，但確實會受投資者顧忌油價的影響

Beyond that, you saw a continued fall in the dollar,

除此之外，你可以觀察到美元不斷在貶值，

you saw very dramatic sell-offs in Europe and in Asia,

而且歐亞國家正大量拋售美元。

and you saw further pressure on banks while gold continued to prosper.

你還可以觀察到金價上揚對銀行造成的壓力。

The other very important trend I think we need to look at briefly.

除此之外，還有另一個我們該注意的重要趨勢，

So we take a look at this chart.

讓我們來看看這張圖表，

The 10-year bond yield of this point is now almost back to its lowest.

今年度的債券收益已經快要接近過去十年來的最低點，

It has been in the last three years.

過去三年都呈現這樣的情況。

And once it gets through that point it doesn't, wouldn't take much to do that.

不用過太久，今年的收益就會來到最低點，

We will be very close to the post-war low that was hit in 2012,

幾乎都要跟2012年戰後的低潮期一樣低迷，

certainly many people do see it even six months ago that was going to be an enduring low that would last for a matter of years, if not decades.

很多人甚至在六個月前，就觀察到這股低潮如果不持續個幾十年，至少會在這幾年內延續

Now, we again seem to see a weight of money moving back into the bond market.

現在，我們似乎觀察到一波熱錢逐漸流回債券市場，

It's very difficult to see how this can go on much further.

很難去預測這股潮流會持續多久，

But there it is, quite remarkable resurgence in the bond market while we see the bear market in oil stocks.

但確實的，在債券復甦的同時，油市正步入熊市。