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Stock markets in the United States traded in a volatile session, with the Standard & Poor’s 500-stock index closing down nearly 4 percent.

美国股市结束了震荡的一天。标准普尔500指数收盘时跌幅近4%。

In China, the benchmark Shanghai composite index erased all of the gains it had made this year.

中国作为基准的上证综合指数回吐了今年的全部涨幅。

Many investors sought refuge from the upheaval by turning to American and European government bonds.

投资人面对股市震荡采取避险行为，转向美国和欧洲政府债券。

In Europe, stocks fell sharply, with the main indexes down by 4 percent or more in the early afternoon.

欧洲股市大幅下跌，截至午后，各主要指数下跌了至少4%。

The market drops have erased nearly $10 trillion from the global stock market since a peak on June 3.

世界各地的股票暴跌已导致全球股市市值与其6月3日的峰值相比，减少了近10万亿美元。

The American and international oil benchmarks have fallen to their lowest point in more than six years.

美国以及国际基准油价已降到六年多来的最低水平。

In-Depth

详细情况

Stocks in the United States tumbled on Monday morning as another sell-off that started in China roiled markets around the world.

在中国开始的又一轮股市抛售搅乱了世界各地的市场，美国股市在周一早盘大跌。

Immediately after the opening bell in New York, the Dow Jones industrial average dropped more than 1,000 points, or more than 5 percent — one of the most precipitous such plunges in recent years. Within an hour, though, American stocks had made up much of their earlier losses and the Dow was down about 2 percent.

纽约股市开盘之后，道琼斯工业平均指数马上暴跌了1000多点，跌幅超过5%，这是最近几年中最急剧的股市暴跌之一。但美国股市在不到一小时的时间里收复了其早盘损失的大部分，目前道指跌幅在2%左右。

Investors’ concerns over China’s economic slowdown and a souring view of emerging economies have rattled financial markets around the world in recent days, and showed no signs of letting up.

投资者对中国经济增速放缓的担忧，加上对新兴经济体的看法转为悲观，已使世界各地的金融市场在最近几天里动荡不安，尚无迹象表明这种不安会停止。

“There was a huge amount of negative sentiment built in this morning,” said Dan Greenhaus, the chief global strategist at BTIG.

“今天上午有一种巨大的、积累起来的负面情绪，”机构经纪公司BTIG首席全球策略师丹·格林豪斯(Dan Greenhaus)说。

Mr. Greenhaus said that many investors ended last week hoping that the Chinese government would step in over the weekend to announce some steps to support the markets, but nothing significant was announced, contributing to the pessimism on Monday morning.

格林豪斯表示，许多投资者在上周结束时曾希望，中国政府会在周末采取行动，宣布一些救市措施，但周末并没有任何重要宣布，这导致了周一早上的悲观情绪。

In early trading in the United States, the benchmark Standard & Poor’s 500-stock index was initially down more than 5 percent and the Nasdaq fell more than 8 percent. But about an hour into trading, the S.&P. was down about 2 percent and the Nasdaq, 2.4 percent.

在美国上午的股市上，作为基准的标准普尔500指数(Standard & Poor’s 500-stock index)最初的跌幅超过了5%，纳斯达克(Nasdaq)指数的跌幅超过8%。但在交易进行了大约一小时后，标普500指数的跌幅减小到约2%，纳斯达克指数跌幅缩小至2.4%。

In China, the benchmark Shanghai composite index closed 8.5 percent lower on Monday, erasing all of the gains it had made in an extraordinary run-up this year. And in Europe, stocks fell sharply, with several of the main indexes down by 6 percent or more in late-afternoon trading.

在中国，作为基准的上证综合指数周一收盘时下跌了8.5%，抹去了其今年上半年的非凡涨幅。在欧洲，各个股市大幅下跌，几个主要指数在午后尾盘交易中下降了6%以上。

The meltdown, which has erased nearly $10 trillion from the global stock market since a peak on June 3, poses a challenge to the Federal Reserve in the United States. The central bank’s chairwoman, Janet L. Yellen, and her colleagues on the Fed’s policy board have been warning investors for months that the central bank was moving toward the first increase in its main interest rate since it was cut to zero in December 2008.

股市的全面崩溃使全球股票市值从其6月3日达到的峰值中蒸发了近10万亿美元，对美国联邦储备提出了挑战。美联储主席珍妮特·L·耶伦(Janet L. Yellen)、及其联邦政策委员会的同事们几个月来一直在警告投资者，美国央行在向加息的方向靠近，这将是美联储在2008年12月把一个主要利率降为零之后的首次加息。

Many analysts have said that a correction to stock market valuations was overdue after a long bull market. And it is too early to say how the financial market slump will affect the underlying global economy where goods and services are actually produced and consumed.

许多分析师曾表示，经历了一个漫长的牛市之后，股票市值早就该出现一次修正。金融市场低迷对作为其基础的全球实体经济会有哪些潜在影响，尚无从可知，实体经济是实际生产和消费商品和服务的经济。

Many of the world’s central bankers will have a chance later this week to compare notes and discuss whether new policy steps are needed when they gather, along with finance ministers and academics, in Jackson Hole, Wyo., for the Federal Reserve Bank of Kansas City’s annual conference.

本周晚些时候，世界上多家央行的行长将有机会在一起交换意见，届时他们将和各国财长和金融学者一起在怀俄明州的杰克逊霍尔参加堪萨斯城联邦储备银行年会，讨论是否有必要采取新的政策。

Commodities also slumped on Monday. Futures for Brent and United States crude oil fell to their lowest point in more than six years on concerns about possible weaker demand from Asia amid a general oversupply. Contracts for the European benchmark Brent crude fell 3.7 percent to $43.80 — its first time below $45 since March 2009.

大宗商品价格周一也出现下跌。布伦特原油和美国原油期货价格跌至六年多来的最低点，这是由于对来自亚洲的需求可能减弱的担忧，石油市场目前已经普遍供过于求。欧洲基准布伦特原油的未来合同价下跌了3.7%，至每桶43.8美元，这是2009年3月以来首次跌破每桶45美元的油价。

The selling in China has accelerated despite extraordinary government intervention in the last two months aimed at propping up share prices. As the slide on Monday highlighted, those efforts have not been a success and the damage has been felt far beyond the Chinese market. The gloom was shared across Asia. In Japan, the Nikkei 225 stock average closed 4.6 percent lower, while Australia’s main index fell 4.1 percent.

中国股市上的抛售仍在加速，尽管政府在过去两个月里已经为救市采取了非同寻常的干预做法。周一的暴跌突出显示了这些努力未见成效，失败所造成的后果已经远远超出了中国股票市场。亚洲所有的股市都笼罩在黯淡的前景之下。日本的日经225种股票平均价格指数收盘时下跌了4.6%，而澳大利亚的主要指数则下跌了4.1%。

In Hong Kong, where the Hang Seng Index closed 5.2 percent lower, the mood at brokerage firms was grim.

香港的恒生指数以5.2%的跌幅收盘，令证券经纪商们心情沉重。

“People who had wanted to bottom feed by buying earlier this morning are all losing money,” said Andy Wong, a Hong Kong stockbroker. “The market trend does not look good, it is all bad news, globally. All the markets are going down, globally; the Chinese stock markets are in free fall today.”

“那些今天上午早些时候购买了股票想抄底的人都赔了钱，”香港股票经纪人安迪·黄(Andy Wong)说。“股票走势一点也不看好，全球所有的消息都是坏的，全球所有的股市都在下跌。中国的股市今天是在做自由落体运动。”

Leung Chung, a 62-year-old retiree and day trader in a T-shirt and with a toothpick in his mouth, looked sourly at the monitors at his local brokerage firm in late morning. “I just purchased some stocks earlier this morning, but have already lost money,” Mr. Leung said. “I am not too concerned as I only bought stocks with solid financial strength.”

62岁的退休人员梁聪（音）白天从事股票交易。快中午的时候，身着T恤、嘴里含着一根牙签的他，看着当地一家证券公司内的显示屏，脸色阴沉。“我一大早刚买了些股票，但已经亏了，”梁聪说。“我不是很担心，因为我只买经济实力雄厚的股票。”

The dollar rose against most Asian currencies, with the exception of the yen, which is considered a regional haven. The dollar fell 1.5 percent to 120.18 yen.

美元相对大部分亚洲货币升值了，但被当做地区性避风港的日元是个例外。美元兑日元汇率下降1.5%，跌至1美元兑120.18日元。

The euro gained 0.9 percent against the dollar, trading at $1.1491.

欧元相对美元升值0.9%，交易价为1欧元兑1.1491美元。

Lee Hardman, a currency analyst at Bank of Tokyo-Mitsubishi UFJ in London, said in a research note that the rising euro and yen were “creating a policy headache for the European Central Bank and Bank of Japan,” as well as for the Fed.

三菱东京日联银行(Bank of Tokyo-Mitsubishi UFJ)驻伦敦外汇分析师李·哈德曼(Lee Hardman)在一份研究报告中表示，欧元和日元的升值“让日本银行(Bank of Japan)和欧洲央行(European Central Bank)在制定政策时感到头疼”，这对美联储来说也一样。

Stronger currencies, he said, would make it harder for central banks to fight deflationary pressures. He noted that long-term forecasts for the eurozone showed inflation beginning to return to the levels that existed before the European Central Bank began its bond-buying program this year.

他说，货币走强，会让央行更难抵抗通缩压力。他指出，对欧元区的长期预测显示，通胀水平正在回到欧洲央行今年启动债券购买计划之前的水平。

The rout has deepened globally as uncertainties have increased over the health of China’s economy, previously a major engine of global growth. The surprise devaluation on Aug. 11 of China’s currency, the renminbi, was the biggest drop since the country’s modern exchange rate system was established in 1994.

随着涉及中国经济健康状况的不确定性增加，全球范围内的市场下挫也加剧了。中国经济此前曾是全球增长的一个主要动力。8月11日，中国的货币人民币贬值，出乎外界的意料。这是人民币自中国1994年建立现代汇率制度以来，幅度最大的贬值。

The move raised concerns that China’s slowdown was worse than it had previously appeared to be, a development that would have far-reaching effects, given China’s increasing economic importance to Asia and the rest of the world.

此举让外界担心，中国经济的放缓比之前看上去的情况更糟。考虑到中国对于亚洲和世界其他地方的经济越来越重要，这样的事态发展可能会带来深远的影响。