「深植結構」的經濟損害
Corporate bankruptcies could trigger the next big correction in stock markets, said Mohamed El-Erian, chief economic adviser at Allianz.
安聯集團首席經濟顧問Mohamed El-Erian表示，企業破產可能引發股市下一波大幅修正。
trigger(v.)(槍的)扳機(v.)引發;觸發
Experts are wondering what can stop the stock market rallying from March lows. Equity markets have experienced oil market chaos, spiking virus infection rates, US-China tensions, and stimulus delays; however, major indexes still approach record highs.
專家想知道什麼因素會阻止股市從3月份的低點反彈的漲勢。股市經歷了石油市場混亂、新冠肺炎病毒感染率飆升、美中緊張關係和刺激措施延宕，然而，主要股市指數仍接近歷史高點。
equity markets=stock markets股市oil market chaos 石油市場混亂spike(v.)(n.)(價格、數量的)突然上升;劇增stimulus delays刺激措施拖延stimulus(n.)刺激;促進因素
Many companies edge toward insolvency risks, and a chain reaction of corporate debt defaults could rekindle a stock market slump, the famous economist said.
這位著名經濟學家說，許多公司面臨破產風險，企業債務違約的連鎖反應可能會再度引發股市重挫。
insolvency risks破產風險insolvency(n.)無償債能力;破產a chain reaction連鎖反應corporate debt defaults 企業債務違約default(n.)拖欠債務;不履行債務;違約rekindle(v.)再次引起;再次引發(讓人不悅的狀況)
“I think, Wilfred, what derails this market isn’t more China-US tension, isn’t more political differences. It would be if we get then large-scale bankruptcies,” El-Erian said on CNBC.
El-Erian接受CNBC電視台訪問時說：「Wilfred，我認為會阻撓市場的不是美中關係緊張，也不是政治分歧，而是如果出現大規模的企業破產。」
derail(v.)(火車)出軌;阻撓
El-Erian’s comments come as Democrats and Trump administration negotiators are still at an impasse on stimulus talks, prompting President Donald Trump to sign a series of executive orders to provide temporary relief to Americans who are suffering from the economic impact of the coronavirus pandemic.
民主黨和川普政府的協商官員在刺激措施的談判上仍陷入僵局，促使川普總統簽署一系列行政命令，提供臨時救助給遭受疫情衝擊經濟的美國人。
negotiator(n.)談判者;談判專家negotiate(v.)談判;協商at an impasse 陷入僵局prompt(v.)引起;導致;促使
Tensions between the US and China also have been escalating, particularly after Beijing’s national security law in Hong Kong, and Trump’s recent executive orders banning the Chinese social media apps TikTok and WeChat.
美中緊張關係也在升溫，尤其是在北京頒佈香港國家安全法，以及川普最近簽署行政命令禁止中國社群媒體app抖音和微信之後。
escalate(v.)擴大;惡化executive orders行政命令
El-Erian asserted that the market rally in recent weeks has been driven by technical indicators, allowing equities to continue moving higher in spite of the coronavirus pandemic and other headwinds.
El-Erian斷言，市場最近幾週的漲勢是受技術指標推動，儘管有新冠肺炎疫情和其它不利因素影響，股市繼續走高。
assert(v.)聲稱;斷言technical indicators技術指標headwind(n.)阻力;不利因素
“It’s all been about technicals and that allows the market over and over again to shrug off fundamentals,” he said.
他說：「一切都是技術面，使得市場一次又一次地脫離基本面。」
technicals技術面fundamentals基本面shrug off對…不在乎；對…不予理睬
He’s concerned about the “structurally embedded” economic damage that significant bankruptcies may usher in.
他擔心重大破產可能帶來「深植結構的」經濟損害。
embedded(adj.)根深蒂固的usher in開始;開啓
“Bankruptcies go from being short-term liquidity problems to long-term solvency problems. If you get that, then unemployment becomes more problematic, and you get capital impairment,” he said. “And believe me, if there’s one thing Federal Reserve money cannot help markets through, it’s capital impairment events.”
El-Erian說：「破產從短期流動性問題，變成長期償債問題。如果到這個地步，那麼失業問題就會變得更棘手，也會衍生資本減損。」「相信我，聯準會的資金無法幫助市場度過的難關就是資本減損事件」
liquidity(n.)流動性capital impairment 資本減損impairment(n.)損傷;損害