Last week world stock markets tanked on news of Dubai World's debt standstill (a delightful euphemism for default). Risk trades from commodities to the Australian dollar were jettisoned as investors reached for the safety of bonds and the yen. Global fundamentals, however, have not changed from Wednesday. Dubai's woes may dent the odd bank, but aggregate corporate earnings will barely be dented. Consumers around the world could not care less. Nor does trouble in the Gulf affect other influential themes of the day such as western public and private sector indebtedness, or growth in China.
上周，迪拜世界(Dubai World)暫停償債——這是債務(wù)違約一種委婉說法——的消息令全球股市大幅下挫。投資者拋棄了從大宗商品到澳元的一系列風(fēng)險(xiǎn)交易，轉(zhuǎn)而在安全的債券和日元中避險(xiǎn)。然而，自上周三以來，全球基本面沒有發(fā)生改變。迪拜的問題可能會(huì)影響到少數(shù)銀行，但對(duì)總體的企業(yè)利潤不會(huì)有什么影響。全球的消費(fèi)者眉毛也不會(huì)抬一下。同樣，海灣地區(qū)的問題也不會(huì)影響當(dāng)前的其它重大主題，比如西方的公共與私人部門債務(wù)，或是中國的經(jīng)濟(jì)增長。