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Down the hatch

机译:孵化

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It might seem perverse to worry about declining liquidity in the world's financial markets. They have, after all, expanded fast in recent years. Corporate-bond issuance in America and Europe is at record levels. Last week, Deutsche Telekom issued ?14.5 billion ($13.8 billion) worth of bonds, the largest corporate issue ever. Turnover on the world's big stockmarkets has fallen in recent weeks, but it is still much higher than at the beginning of last year. Capital flows ever more freely around the world. Yet the signs of increased illiquidity are unmistakable. Foreign-exchange, equity and, above all, bond markets are all less liquid than they were.
机译:担心世界金融市场流动性下降似乎是不对的。毕竟,它们近年来发展迅速。美国和欧洲的公司债券发行量处于创纪录水平。上周,德国电信发行了价值145亿欧元(合138亿美元)的债券,这是有史以来最大的公司发行。最近几周,全球大型股市的交易量有所下降,但仍比去年年初高得多。资本在世界范围内流动越来越自由。然而,流动性增加的迹象是显而易见的。外汇,股票以及最重要的是债券市场的流动性都比以前差。

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