投资者周五涌入债券市场避险，此前对人工智能热潮的担忧抹去了美国主要股指数万亿美元市值，导致欧洲和亚洲股市延续跌势。
Investors fled to the safety of bonds on Friday as stocks extended their slide in both Europe and Asia after worries around the AI boom wiped trillions of dollars off the major U.S. indexes.
欧洲的富时欧洲首选300指数和斯托克欧洲600指数早盘均下跌逾1%，交易员继续担忧民主党在本周美国中期选举中获胜将导致对人工智能数据中心实施更严格的监管。
Europe’s FTSEurofirst and STOXX 600 benchmarks both fell more than one per cent early on as traders continued to fret that the Democrats’ victory in this week’s US midterm elections will lead to tougher rules around AI data centres.
华尔街周五早盘出现温和反弹，尤其是纳斯达克指数，此前周四曾暴跌万亿美元市值，但这未能安抚亚洲市场隔夜的恐慌情绪。
Wall Street saw a modest bounce early Friday, especially for the Nasdaq later after its trillion-dollar plunge on Thursday, although that did not comfort Asia overnight.
日本日经225指数和韩国综合股价指数均暴跌约6%。对日经指数而言——如同华尔街一样——这是自2025年4月美国总统唐纳德·特朗普“解放日”贸易关税恐慌以来，最大单日跌幅。
Japan’s Nikkei and South Korea’s KOSPI both slumped about six per cent. For the Nikkei – as for Wall Street – that was the deepest one-day drop since U.S. President Donald Trump’s “Liberation Day” trade tariff panic of April 2025.
台湾加权指数一度暴跌逾8%，随后在当局紧急采取措施遏制抛售后收窄跌幅。
Taiwan plunged more than eight per cent at one point, before cutting losses as authorities scrambled to stem the selling.
“这太惨烈了，”伦敦投资公司马尔伯勒的基金经理詹姆斯·阿西说，并解释称散户和对冲基金的抛售正在相互助长。
“This has been brutal,” James Athey, a fund manager at investment firm Marlborough in London, said, explaining that retail and hedge fund selling were feeding off each other.
“问题是接下来走向何方？我们看到的仍是接近历史高位的指数，以及一个资本支出依然巨大的板块（人工智能）。所以我认为，这将在未来几天对市场情绪——以及对人工智能的信心——构成巨大考验。”
“The question is where we go now? We are still looking at indexes that are near record highs and a sector (AI) where capex is still massive. So I think it is going to be a huge test of market sentiment – and the belief in AI – in the coming days.”
资金涌入债券股市承压意味着政府债券市场持续上涨，而美元、日元和瑞士法郎在外汇市场均吸引了避险资金流入。
BOUNCE INTO BONDS The strain on equities meant government bond markets continued to rally, while the U.S. dollar, Japanese yen and Swiss franc all lured safe haven flows in the currency markets.
基准10年期美国国债收益率在欧洲时段报4.84%，徘徊在9月9日以来的最低水平。
The yield on the benchmark U.S. 10-year Treasury note was at 4.84 per cent in Europe, hovering near the lowest level since Sept. 9.
获取每周财经新闻隔夜10年期日本国债收益率一度下跌多达9个基点至1.795%，为6月30日以来最低。德国国债收益率随后跌至3.22%，为8月下旬以来最低水平。
Get weekly money news The ten-year Japanese government bond yield dropped as much as nine basis points overnight to 1.795 per cent, the lowest since June 30. Triple A-rated German bunds then saw yields dip to 3.22 per cent, their lowest level since late August.
“债券的表现正日益回归债券本色，收益重新成为回报的主要驱动力，并恢复了其传统的分散投资效益，”State Street Investment Management首席固定收益策略师Masahiko Loo表示。
“Bonds are increasingly behaving like bonds again, with income re-emerging as the primary driver of returns and restoring their traditional diversification benefits,” said Masahiko Loo, chief fixed income strategist at State Street Investment Management.
“这看起来更像是对AI政策风险的重新评估，而非对AI周期的重新评估。” P-A-I-N交易 纳斯达克期货上涨近1.5%，华尔街VIX“恐慌指数”下跌，预示着美国市场周五将获得一些喘息机会。
“This looks more like a reassessment of AI policy risk than a reassessment of the AI cycle.”P-AI-N TRADE A near 1.5 per cent rise in Nasdaq futures and a dip in Wall Street’s VIX “fear gauge” pointed to some respite for U.S. markets Friday.
德克萨斯州当选州长Gina Hinojosa周四表示，该州——已拥有美国很大份额的数据中心——将出台针对数据中心的新法律，以保护当地居民。
Texas Governor-elect Gina Hinojosasaid on Thursday that the state – which already has a large share of U.S. data centres – will introduce new laws around them to protect local residents.
科技股云集的纳斯达克随后在周四暴跌5.5%——即2.5万亿美元。标普500成分股也蒸发了约3万亿美元，投资者担心AI热潮将更广泛地遭遇刹车。
The tech-heavy Nasdaq went on to slump 5.5 per cent on Thursday – or US$2.5 trillion. Some $3 trillion was also wiped off S&P 500 firms, with investors worried the brakes will be applied to the AI boom more broadly.
AI股票抛售令华尔街震荡并抹去中期选举反弹涨幅 多伦多和温哥华租金近3年来首次上涨，报告称 EPS欢迎城市预算但警告6160万加元缺口可能影响关键技术 美国中期选举后股市飙升，油价暴跌 “这实际上有点像场灾难，”CMC Markets亚洲及中东主管Christopher Forbes表示。
AI stock sell-off sends Wall Street reeling and erases midterm rally gains Toronto and Vancouver saw first rent increase in nearly 3 years, report says EPS welcomes city budget but warns $61.6M shortfall could affect critical technology Stock markets surging after U.S. midterm election as oil prices plummet“It’s actually a bit of a disaster,” said Christopher Forbes, head of Asia and Middle East at CMC Markets.
“整夜整天——我们面临客户追加保证金通知、客户投诉……因为这是一件非常情绪化的事，对吧？人们执着于他们对某只股票或结果的持仓和观点，而你却在告诉他们，看，你们刚刚亏了钱。” 这种紧张情绪正冲击一个本已因担心数据中心及其他基础设施的巨额成本将限制未来回报而岌岌可危的AI交易——这场崩盘引发了追加保证金通知，令散户投资者和对冲基金无不惊恐。
“All night, all day – we had client margin calls, client complaints … because it’s a very emotional thing, right? People are wedded to their positions and views on a stock or outcome and you’re telling them, look, you’ve just lost money.”The jitters are hitting an AI trade already on shaky ground due to fears that the massive cost of the data centres and other infrastructure will limit future returns – the meltdown has been spurring margin calls and spooking retail investors and hedge funds alike.
当局试图安抚神经 亚洲一些当局在夜间介入，试图安抚市场神经。
AUTHORITIES ATTEMPT TO SOOTHE NERVES Some of Asia’s authorities stepped in overnight to try to soothe nerves.
韩国暂时放宽了对散户杠杆投资的限制。多名消息人士向路透社透露，台湾财政部致电国有银行高管，指示他们支撑股市。
South Korea temporarily eased rules on retail investors’ leveraged investments and multiple sources told Reuters that Taiwan’s Ministry of Finance called senior executives at state-owned banks, instructing them to support the market.
台湾股市收跌4.5%，较早盘重挫有所回升。不过，LSEG数据显示，该指数本周累计暴跌12.2%，为1991年以来最大单周跌幅。
Taiwan stocks closed down 4.5 per cent, recovering somewhat from their early morning slump. For the week though, the index clocked a 12.2 per cent dive, its biggest since 1991, LSEG data showed.
韩国AI芯片制造商也收窄了部分跌幅，但收盘仍大幅下跌。在日本，科技投资公司软银下跌11%，其债务违约保险成本飙升至四年来最高水平。
Korean AI chipmakers also trimmed some of their losses although still closed sharply lower. In Japan, tech investor SoftBank slid 11 per cent, with the cost of insuring its debt against a default jumping to its highest in four years.
盈透证券首席策略师史蒂夫·索斯尼克表示：“在经历了我们一直面临的这类冲击之后，很难认为我们能就此反弹。”
“After damage like the sort we’ve been facing, it is difficult to think that we simply can bounce from here,” said Steve Sosnick, chief strategist at Interactive Brokers.
“短期内我们可能已经超卖，但根本性的问题和成因不可能凭空消失。”
“We may be oversold in the short term, but the underlying questions and causes can’t simply be wiped away.”