2006年8月21日全球金融市场周报(独家双语版)

　　Asia Pacific 亚洲

　　Stock markets across the Pacific had a mixed week, with signs that US interest rates may be reaching a peak balanced by the renewed threat of international terrorism. The MSCI Pacific ex Japan index rose 0.8% in USD but 0.5% in local currency terms. Hong Kong's Hang Seng rose 2.1% to a near six-month high on hopes that the Fed's decision to pause in its cycle of interest rate increases would ease pressure on local interest rates. Shrugging off the international red alert of terror attack in major Indian cities, India's SENSEX (+3.0%) finished the week at its 3-month high. Trading volume improved amid a sharp revival of interest in small and mid-cap stocks. Foreign institutional investors remained net buyers. Taiwan's TWSI managed a 2.0% increase, but other markets were less well supported. Singapore's Straits Times, for example, was 0.5% lower, while Korea's KOSPI fell 1.0% amid some disappointing corporate results. These included a drop in profits from Hyundai Motor, which was hit by a stronger currency.

　　Australia's All Ordinaries (-0.2%) was also hit by mixed earnings reports, including Commonwealth Bank of Australia posting its slowest profit growth in two years. Australia is at a stage where (1) wages are rising at near record pace as the unemployment rate stands at the lowest level since 1976, (2) the government has brought in A$36.7b of tax reductions, which already took effect last month, and (3) stiffer competition among banks has given households and businesses more bargaining power over interest rates. Indonesia's JCI rose 0.9%. Driven by rising exports and government spending, the Indonesian economy in 2Q06 expanded at a stronger-than-expected annual pace of 5.2% following 1Q's revised growth pace of 4.7%, accelerating for the first time over the last 18 months. On 8 Aug, Bank Indonesia lowered its policy rate for the third time this year, which was also the deepest rate cut (0.5%) since the central bank embarked on its campaign of monetary easing in May.

　　上周亚太区市场表现参差，美息呈现见顶迹象，但国际恐怖主义威胁却重燃。

　　国际间对印度主要城市发出红色恐袭警戒讯号，印度SENSEX指数(+3.0%)却未受影响，以三个月新高收市。中小型股再度大受追捧，交投改善。外国机构投资者依然买多于卖。台湾加权指数升2.0%，但其它市场的承接则比较疲弱。新加坡海峡时报指数跌0.5%。南韩部分公司业绩未如理想，当中包括现代汽车(Hyundai Motor)受汇价上升打击，南韩证交所指数跌1.0%。

　　澳洲所有普通股指数(-0.2%)亦因业绩参差而受挫，澳洲联邦银行录得两年来最缓慢的溢利增长。澳洲目前失业率处于30年新低，工资增长步伐刷新纪录。政府减税367亿澳元的措施，已于上月生效。银行之间竞争加剧，令家庭和企业在利率方面谈判能力加强。

　　印度尼西亚雅加达综合指数升0.9%。印度尼西亚第二季经济在出口和政府开支上升推动下录得5.2%增长，是过去18个月以来首次加速。印度尼西亚央行于8月8日减息半厘，是今年来的第三次，亦是5月份放松银根以来最大的减幅。