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2021-05-13

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Taiwan Stock Crash Shows World Dangers of Too Much Leverage<blockquote>台湾股市崩盘向世界展示了过度杠杆的危险</blockquote>

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On Wednesday that fear tu","content":"(Bloomberg) -- Few things evoke fear in equity markets like a margin call. On Wednesday that fear turned into panic in Taiwan, offering another warning for the world on what can happen when leverage unwinds.<blockquote>（彭博社）——很少有事情像保证金看涨期权那样在股市引发恐惧。周三，这种恐惧在台湾变成了恐慌，向世界发出了另一个警告，说明当杠杆放松时会发生什么。</blockquote>The trading day started out quiet in Taipei’s $2 trillion stock bourse. But before the morning was over, the local benchmark index had plummeted almost 9% in the worst one-day performance in its 54-year history.<blockquote>在价值 2 万亿美元的台北证券交易所，交易日开始时一片平静。但在上午结束之前，当地基准指数暴跌近 9%，创下 54 年历史上最糟糕的单日表现。</blockquote>There were reasons to sell. New data showed a worsening Covid-19 outbreak in an island where almost no one is vaccinated. A deepening slump in global tech shares also undermined the appeal of a market dominated by the industry. But the swiftness of the plunge that followed suggests bigger forces were at play.<blockquote>出售是有原因的。新数据显示，在一个几乎没有人接种疫苗的岛屿上，新冠肺炎疫情正在恶化。全球科技股的进一步下跌也削弱了该行业主导的市场的吸引力。但随后暴跌的速度表明，更大的力量在起作用。</blockquote>For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier -- and the blowup of Archegos Capital Management in March served as a reminder of that. Yet stocks have continued to rise, with the MSCI All-Country World Index closing at a record as recently as Friday. In the U.S., margin debt topped $822 billion by the end of March -- the latest available data. That’s up 72% year on year.<blockquote>几个月来，世界各地的牛市怀疑论者一直警告说，杠杆率飙升正在使股市面临更大的风险，而 3 月份 Archegos Capital Management 的爆炸事件就提醒人们这一点。然而，股市继续上涨，摩根士丹利资本国际所有国家世界指数周五收盘创下历史新高。最新数据显示，截至 3 月底，美国保证金债务已超过 8,220 亿美元。同比增长 72%。</blockquote>On a smaller scale, the same happened in Taiwan. Armed with conviction, and with history on their side, investors took on increasing amounts of leverage. The result was a 46% expansion in margin debt this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011. By comparison, the Taiwan benchmark was up just 19% in that period, an indication that people were taking out loans faster than stocks were appreciating.<blockquote>在较小的范围内，同样的事情也发生在台湾。有了信念和历史的支持，投资者承担了越来越多的杠杆。结果是，今年保证金债务增长了 46%，两周前达到约 2740 亿新台币（98 亿美元），为 2011 年以来的最高水平。相比之下，台湾基准指数在此期间仅上涨了 19%，这表明人们贷款的速度快于股票升值的速度。</blockquote>Local investors had little reason to fear losses. Taiwan’s economy became one of the biggest winners from U.S.-China rivalry. Its chipmakers flourished as Washington sought to hobble Beijing’s efforts to build a domestic chip industry. During President Donald Trump’s four-year term, the Taiex benchmark became the world’s best performing stock gauge, gaining more than 90% in U.S. dollar terms.<blockquote>当地投资者几乎没有理由担心损失。台湾经济成为中美竞争的最大赢家之一。在华盛顿试图阻挠北京建立国内芯片产业的努力之际，中国的芯片制造商蓬勃发展。在唐纳德-特朗普（Donald Trump）总统的四年任期内，Taiex基准成为全球表现最好的股票基准，以美元计算上涨了90%以上。</blockquote>Gains extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April.<blockquote>由于疫情造成芯片短缺，今年的涨幅有所扩大，截至 4 月份，该指数连续七个月上涨。</blockquote>The euphoria began to unravel this week as the threat of inflation sank the Nasdaq, with tech stocks around the world following suit. As the Taiex slid 3.8% on Tuesday in Taiwan, the level of margin debt fell by NT$12.6 billion, the most since October 2018. That suggests traders faced margin calls by brokers to cover losses in their stock accounts.<blockquote>随着通胀威胁压垮纳斯达克，这种兴奋情绪本周开始消退，世界各地的科技股也纷纷效仿。随着台湾Taiex周二下跌3.8%，保证金债务水平下降126亿新台币，为2018年10月以来最大。这表明交易者面临经纪商的保证金评级，以弥补其股票账户的损失。</blockquote>Wednesday’s record rout is likely to have spurred a bigger unwinding of leverage. (Comparatives are skewed by the widening of daily price limits for individual stocks in 2015.)<blockquote>周三创纪录的暴跌很可能刺激了更大规模的杠杆化。（2015 年个股涨跌幅限制的扩大导致比较结果出现偏差。）</blockquote>“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,” said MasterLink Securities Investment Advisory President Paul Cheng.<blockquote>“MasterLink Securities 投资咨询总裁 Paul Cheng 说：”在过去几个月里，保证金交易推动了 Taiex 的上涨，如果它们面临保证金评级，这可能会加剧其下跌。</blockquote>The fear of further losses was evident in a stock market where individual investors account for about 60% of transactions. The derivatives market burst with activity: more than 1.75 million options tracking the Taiex changed hands on Wednesday, the third-busiest day since 2016. Traders snapped up bearish contracts even as dozens of short-term options expired, with the price of one put surging as much as 7,757%.<blockquote>在个人投资者约占交易量60%的股市中，对进一步损失的担忧显而易见。衍生品市场活动频繁：周三，超过 175 万份追踪 Taiex 的期权易手，这是自 2016 年以来第三繁忙的一天。尽管数十个短期期权到期，但交易员仍抢购看跌合约，其中一个看跌期权的价格飙升至 7,757%。</blockquote>KGI Securities’ trader Kevin Lee, who has been a local stocks trader for a decade, said clients started to panic as the morning wore on.<blockquote>凯基证券（KGI Securities）的交易员凯文-李（Kevin Lee）在当地从事股票交易已有十年，他说，随着上午的临近，客户们开始恐慌。</blockquote>“There were non-stop orders coming in,” Lee said. “Investors were crazy as there were lots of news during trading hours and we didn’t know if they were true or not.”<blockquote>“李说：”订单源源不断。“投资者们都疯了，因为在交易时段有很多新闻，我们不知道这些新闻是真是假。”</blockquote>By the end of the day, the index had pared its losses to 4.1%. But the damage to investor confidence was already done.<blockquote>截至当天收盘，该指数已将跌幅收窄至4.1%。但对投资者信心的损害已经造成。</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Taiwan Stock Crash Shows World Dangers of Too Much Leverage<blockquote>台湾股市崩盘向世界展示了过度杠杆的危险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTaiwan Stock Crash Shows World Dangers of Too Much Leverage<blockquote>台湾股市崩盘向世界展示了过度杠杆的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-05-13 08:21\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- Few things evoke fear in equity markets like a margin call. On Wednesday that fear turned into panic in Taiwan, offering another warning for the world on what can happen when leverage unwinds.<blockquote>（彭博社）——很少有事情像保证金看涨期权那样在股市引发恐惧。周三，这种恐惧在台湾变成了恐慌，向世界发出了另一个警告，说明当杠杆放松时会发生什么。</blockquote>The trading day started out quiet in Taipei’s $2 trillion stock bourse. But before the morning was over, the local benchmark index had plummeted almost 9% in the worst one-day performance in its 54-year history.<blockquote>在价值 2 万亿美元的台北证券交易所，交易日开始时一片平静。但在上午结束之前，当地基准指数暴跌近 9%，创下 54 年历史上最糟糕的单日表现。</blockquote>There were reasons to sell. New data showed a worsening Covid-19 outbreak in an island where almost no one is vaccinated. A deepening slump in global tech shares also undermined the appeal of a market dominated by the industry. But the swiftness of the plunge that followed suggests bigger forces were at play.<blockquote>出售是有原因的。新数据显示，在一个几乎没有人接种疫苗的岛屿上，新冠肺炎疫情正在恶化。全球科技股的进一步下跌也削弱了该行业主导的市场的吸引力。但随后暴跌的速度表明，更大的力量在起作用。</blockquote>For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier -- and the blowup of Archegos Capital Management in March served as a reminder of that. Yet stocks have continued to rise, with the MSCI All-Country World Index closing at a record as recently as Friday. In the U.S., margin debt topped $822 billion by the end of March -- the latest available data. That’s up 72% year on year.<blockquote>几个月来，世界各地的牛市怀疑论者一直警告说，杠杆率飙升正在使股市面临更大的风险，而 3 月份 Archegos Capital Management 的爆炸事件就提醒人们这一点。然而，股市继续上涨，摩根士丹利资本国际所有国家世界指数周五收盘创下历史新高。最新数据显示，截至 3 月底，美国保证金债务已超过 8,220 亿美元。同比增长 72%。</blockquote>On a smaller scale, the same happened in Taiwan. Armed with conviction, and with history on their side, investors took on increasing amounts of leverage. The result was a 46% expansion in margin debt this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011. By comparison, the Taiwan benchmark was up just 19% in that period, an indication that people were taking out loans faster than stocks were appreciating.<blockquote>在较小的范围内，同样的事情也发生在台湾。有了信念和历史的支持，投资者承担了越来越多的杠杆。结果是，今年保证金债务增长了 46%，两周前达到约 2740 亿新台币（98 亿美元），为 2011 年以来的最高水平。相比之下，台湾基准指数在此期间仅上涨了 19%，这表明人们贷款的速度快于股票升值的速度。</blockquote>Local investors had little reason to fear losses. Taiwan’s economy became one of the biggest winners from U.S.-China rivalry. Its chipmakers flourished as Washington sought to hobble Beijing’s efforts to build a domestic chip industry. During President Donald Trump’s four-year term, the Taiex benchmark became the world’s best performing stock gauge, gaining more than 90% in U.S. dollar terms.<blockquote>当地投资者几乎没有理由担心损失。台湾经济成为中美竞争的最大赢家之一。在华盛顿试图阻挠北京建立国内芯片产业的努力之际，中国的芯片制造商蓬勃发展。在唐纳德-特朗普（Donald Trump）总统的四年任期内，Taiex基准成为全球表现最好的股票基准，以美元计算上涨了90%以上。</blockquote>Gains extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April.<blockquote>由于疫情造成芯片短缺，今年的涨幅有所扩大，截至 4 月份，该指数连续七个月上涨。</blockquote>The euphoria began to unravel this week as the threat of inflation sank the Nasdaq, with tech stocks around the world following suit. As the Taiex slid 3.8% on Tuesday in Taiwan, the level of margin debt fell by NT$12.6 billion, the most since October 2018. That suggests traders faced margin calls by brokers to cover losses in their stock accounts.<blockquote>随着通胀威胁压垮纳斯达克，这种兴奋情绪本周开始消退，世界各地的科技股也纷纷效仿。随着台湾Taiex周二下跌3.8%，保证金债务水平下降126亿新台币，为2018年10月以来最大。这表明交易者面临经纪商的保证金评级，以弥补其股票账户的损失。</blockquote>Wednesday’s record rout is likely to have spurred a bigger unwinding of leverage. (Comparatives are skewed by the widening of daily price limits for individual stocks in 2015.)<blockquote>周三创纪录的暴跌很可能刺激了更大规模的杠杆化。（2015 年个股涨跌幅限制的扩大导致比较结果出现偏差。）</blockquote>“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,” said MasterLink Securities Investment Advisory President Paul Cheng.<blockquote>“MasterLink Securities 投资咨询总裁 Paul Cheng 说：”在过去几个月里，保证金交易推动了 Taiex 的上涨，如果它们面临保证金评级，这可能会加剧其下跌。</blockquote>The fear of further losses was evident in a stock market where individual investors account for about 60% of transactions. The derivatives market burst with activity: more than 1.75 million options tracking the Taiex changed hands on Wednesday, the third-busiest day since 2016. Traders snapped up bearish contracts even as dozens of short-term options expired, with the price of one put surging as much as 7,757%.<blockquote>在个人投资者约占交易量60%的股市中，对进一步损失的担忧显而易见。衍生品市场活动频繁：周三，超过 175 万份追踪 Taiex 的期权易手，这是自 2016 年以来第三繁忙的一天。尽管数十个短期期权到期，但交易员仍抢购看跌合约，其中一个看跌期权的价格飙升至 7,757%。</blockquote>KGI Securities’ trader Kevin Lee, who has been a local stocks trader for a decade, said clients started to panic as the morning wore on.<blockquote>凯基证券（KGI Securities）的交易员凯文-李（Kevin Lee）在当地从事股票交易已有十年，他说，随着上午的临近，客户们开始恐慌。</blockquote>“There were non-stop orders coming in,” Lee said. “Investors were crazy as there were lots of news during trading hours and we didn’t know if they were true or not.”<blockquote>“李说：”订单源源不断。“投资者们都疯了，因为在交易时段有很多新闻，我们不知道这些新闻是真是假。”</blockquote>By the end of the day, the index had pared its losses to 4.1%. But the damage to investor confidence was already done.<blockquote>截至当天收盘，该指数已将跌幅收窄至4.1%。但对投资者信心的损害已经造成。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/taiwan-stock-crash-fueled-forced-050056677.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/taiwan-stock-crash-fueled-forced-050056677.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138978293","content_text":"(Bloomberg) -- Few things evoke fear in equity markets like a margin call. On Wednesday that fear turned into panic in Taiwan, offering another warning for the world on what can happen when leverage unwinds.The trading day started out quiet in Taipei’s $2 trillion stock bourse. But before the morning was over, the local benchmark index had plummeted almost 9% in the worst one-day performance in its 54-year history.There were reasons to sell. New data showed a worsening Covid-19 outbreak in an island where almost no one is vaccinated. A deepening slump in global tech shares also undermined the appeal of a market dominated by the industry. But the swiftness of the plunge that followed suggests bigger forces were at play.For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier -- and the blowup of Archegos Capital Management in March served as a reminder of that. Yet stocks have continued to rise, with the MSCI All-Country World Index closing at a record as recently as Friday. In the U.S., margin debt topped $822 billion by the end of March -- the latest available data. That’s up 72% year on year.On a smaller scale, the same happened in Taiwan. Armed with conviction, and with history on their side, investors took on increasing amounts of leverage. The result was a 46% expansion in margin debt this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011. By comparison, the Taiwan benchmark was up just 19% in that period, an indication that people were taking out loans faster than stocks were appreciating.Local investors had little reason to fear losses. Taiwan’s economy became one of the biggest winners from U.S.-China rivalry. Its chipmakers flourished as Washington sought to hobble Beijing’s efforts to build a domestic chip industry. During President Donald Trump’s four-year term, the Taiex benchmark became the world’s best performing stock gauge, gaining more than 90% in U.S. dollar terms.Gains extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April.The euphoria began to unravel this week as the threat of inflation sank the Nasdaq, with tech stocks around the world following suit. As the Taiex slid 3.8% on Tuesday in Taiwan, the level of margin debt fell by NT$12.6 billion, the most since October 2018. That suggests traders faced margin calls by brokers to cover losses in their stock accounts.Wednesday’s record rout is likely to have spurred a bigger unwinding of leverage. (Comparatives are skewed by the widening of daily price limits for individual stocks in 2015.)“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,” said MasterLink Securities Investment Advisory President Paul Cheng.The fear of further losses was evident in a stock market where individual investors account for about 60% of transactions. The derivatives market burst with activity: more than 1.75 million options tracking the Taiex changed hands on Wednesday, the third-busiest day since 2016. Traders snapped up bearish contracts even as dozens of short-term options expired, with the price of one put surging as much as 7,757%.KGI Securities’ trader Kevin Lee, who has been a local stocks trader for a decade, said clients started to panic as the morning wore on.“There were non-stop orders coming in,” Lee said. “Investors were crazy as there were lots of news during trading hours and we didn’t know if they were true or not.”By the end of the day, the index had pared its losses to 4.1%. But the damage to investor confidence was already done.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":507,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/191804859"}