悉尼，10月8日：周四，亚洲股市小幅下跌。据报道，一些大型科技公司正寻求发行数十亿美元债务，以争夺有限的资金，这加剧了主权债券市场的紧张局势。
SYDNEY, Oct 8 : Asian shares slipped on Thursday as strains in sovereign bond markets were aggravated by reports some major tech companies were seeking to raise billions in debt in direct competition for limited funding.
油价再度上涨，给美国国债带来额外压力，不过隔夜美国10年期国债拍卖表现强劲，帮助收益率从24年来的高点回落。
A fresh rise in oil prices added to the pressure on Treasuries, though a strong auction of US 10-year debt overnight did help pull yields off 24-year peaks.
尽管高企的收益率支撑了美元，但欧元跌至近17个月低点，因为对法国财政的担忧蔓延至意大利和希腊债务。
While lofty yields underpinned the dollar, the euro slid to near 17-month lows as concerns over France's finances spread to Italian and Greek debt.
借贷成本的持续攀升令股市转入防御态势，日本日经指数下跌0.9%，韩国股市下跌0.6%。MSCI除日本外的亚太最广泛股票指数微跌0.1%。
The steady climb in borrowing costs put equities on the defensive and Japan's Nikkei eased 0.9 per cent, with South Korea down 0.6 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1 per cent.
在华尔街，标普500指数期货和纳斯达克指数期货几乎持平。在欧洲，欧洲斯托克50指数期货、德国DAX指数期货和英国富时指数期货在周三下跌后，均小幅上涨0.1%。
On Wall Street, S&P 500 futures and Nasdaq futures were barely changed. In Europe, EUROSTOXX 50 futures, DAX futures and FTSE futures all edged up 0.1 per cent after sliding on Wednesday.
《华尔街日报》补充了媒体此前的报道，称SpaceX、博通和甲骨文正寻求融资以购买人工智能芯片。
The Wall Street Journal added to media reports that SpaceX, Broadcom and Oracle were looking to raise money to buy AI chips.
博通正寻求500亿美元的融资，而SpaceX计划发行300亿美元的投资级债务，并筹集100亿美元的贷款，用于购买英伟达的芯片，英伟达是SpaceX的主要股东。
Broadcom was looking for $50 billion in financing, while SpaceX was planning to issue $30 billion in investment-grade debt and raise $10 billion in loans to buy chips from Nvidia, which is a major shareholder in SpaceX.
这一消息导致SpaceX的信用违约互换保险飙升至历史高位，其股票和债券价格均出现下跌。
The news saw credit default insurance on SpaceX jump to record highs, while its shares and bonds lost ground.
德威集团首席执行官奈杰尔·格林警告称，存在一个危险的循环：英伟达正在为其购买产品的客户提供资金，如果预期利润未能实现，全球投资者将面临风险。
Nigel Green, CEO of deVere Group, warned of a dangerous loop where Nvidia was bankrolling the very customers who buy its products, leaving global investors at risk if the expected profits failed to materialise.
“人工智能的发展最初是靠现金推动的，”格林说道，“但现在它越来越多地依赖信贷，而信贷会彻底改变风险结构。”
"The AI build out started on cash," said Green. "It's increasingly running on credit, and credit changes the risk profile entirely."
他补充道：“无论收入是否到账，债务都必须按时偿还。而这些债务最终会流入全球各地储户的债券基金和养老基金。”主权债券与企业债务尽管如此，这笔资金的大部将用于人工智能设备，这对半导体和内存行业的盈利可能带来积极影响。
"Debt has to be repaid on schedule, whether the revenues show up or not," he added. "And this debt is landing in the bond funds and pension pots of savers right around the world.”SOVEREIGN BONDS VS CORPORATE DEBT Still, the fact much of this money will be spent on AI equipment could be positive for earnings in the semiconductor and memory sectors.
三星电子周四预测，其第三季度营业利润将跃升783%，达到107.4万亿韩元（合801.7亿美元），不过其股价下跌了0.3%。
Samsung Electronics on Thursday projected a 783 per cent jump in third-quarter operating profit to 107.4 trillion won ($80.17 billion), though its shares eased 0.3 per cent.
所有这些企业债务的出现，正值主权债券市场因通胀担忧、持续扩大的预算赤字以及现金利率上升而承受巨大压力的时期。
All this corporate debt is coming at a time when sovereign bond markets are being sorely tested by inflation fears, ever-widening budget deficits and rising cash rates.
周三公布的联邦储备银行上次会议记录显示，“大多数”成员认为今年年底可能再次加息，但他们表示每次会议都会保持开放态度。
Minutes of the Federal Reserve's last meeting released on Wednesday showed "most" members considered another rate hike likely by year end, though they would approach each meeting with an open mind.
市场目前仅认为美联储本月再次行动的可能性为19%，但已为12月加息定价至80%。
Markets imply just a 19 per cent chance the Fed will move again this month, but are 80 per cent priced for a rise in December.
“我们预计美联储将在12月第二次加息，但我们认为有很大可能，美联储最终会得出结论，认为进一步收紧政策并非必要，”高盛分析师在一份报告中写道。
"We expect a second Fed hike in December, though we see a strong chance the Fed ultimately concludes further tightening is unnecessary," wrote analysts at Goldman Sachs in a note.
暂停收紧政策的预期帮助2年期美国国债收益率维持在4.78%，而10年期收益率则小幅升至5.298%，此前在隔夜交易中曾触及24年高点5.326%。
The prospect of a pause in tightening helped keep 2-year Treasury yields at 4.78 per cent, while 10-year yields nudged up to 5.298 per cent having hit a 24-year top of 5.326 per cent overnight.
法国债券市场的紧张局势促使法国央行行长埃马纽埃尔·穆林承认该国经济状况严峻，但他向投资者保证，法国无需欧洲中央银行的援助。
Strains in the French bond market led Bank of France head Emmanuel Moulin to acknowledge the country's economic situation was serious, but he reassured investors it did not need help from the European Central Bank.
投资者对此反应强烈，抛售欧元，导致欧元汇率在隔夜下跌0.6%后，被压制在1.1198美元的水平。若跌破近期的低点1.1161美元，则可能面临回落至1.1065美元的风险。
Investors reacted by dumping the euro, which was pinned at $1.1198 having lost 0.6 per cent overnight. A break of the recent low at $1.1161 would risk a retreat to $1.1065.
美元是单一货币困境的主要受益者，其指数升至102.22，接近18个月高点。美元兑日元汇率下跌0.1%，报157.90，日元因干预威胁而受到支撑。
The dollar was the main beneficiary of the single currency's woes and its index rose to 102.22, near an 18-month peak. It was off 0.1 per cent on the yen at 157.90, with the Japanese currency protected by the threat of intervention.
在大宗商品市场，布伦特原油期货上涨0.9%，至每桶101.14美元，而美国原油期货上涨0.8%，至每桶89.02美元。
In commodity markets, Brent futures rose 0.9 per cent to $101.14 a barrel, while US crude futures added 0.8 per cent to $89.02 a barrel.
无息黄金因收益率上升而承压，价格跌至每盎司4,105美元，接近两个月低点。[GOL/]
Non-interest-bearing gold has suffered as yields climbed, leaving it at $4,105 an ounce and near two-month lows. [GOL/]