Manufacturers in three of the world’s largest economies reported stronger activity and healthier order books in October, sending stock markets higher on hopes that the global recovery is based on firm foundations.

　　全球三大經濟體相繼公布：10月份制造業活動增強，訂單狀況改善，這推動了各地股市上揚，因為投資者看到了希望：全球經濟復蘇正植根于堅實的基礎之上。

　　Economists, who had been expecting indicators of manufacturing output to slow, were confounded by an improving outlook in the US, China and the UK.

　　美國、中國和英國的制造業前景好轉，讓此前預期制造業產出指標應會放緩的經濟學家們感到困惑。

　　These initial indicators of a positive start to the fourth quarter are unlikely to be sufficient to prevent the Federal Reserve from pumping money into the economy on Wednesday, in a second round of quantitative easing aimed at boosting the US growth rate further.

　　這些表明第四季度開局良好的初步指標，可能不足以阻止美聯儲(Fed)在周三啟動第二輪量化寬松貨幣政策，為進一步促進美國經濟增長，向經濟中再次注入大量資金。

　　Anticipating a wave of Fed money alongside a strongly growing world economy, investors increased their demand for risk on Monday, pushing equities higher.

　　對美聯儲注資的預期，加之全球經濟增長強勁，使增強了投資者的風險偏好，推高了各地股市。

　　The FTSE All-World equities index closed 0.4 per cent higher in London.

　　周一倫敦股市收盤時，富時環球股票指數上漲0.4%。

　　Among big economies, the positive news started when both of China’s purchasing managers’ indices rose much more sharply than expected.

　　在各大經濟體中，中國最早公布了好消息：兩項采購經理指數(PMI)的升幅均遠高于預期水平。

　　Indian manufacturing PMI data were also strong and offset weaker-than-expected figures in countries such as South Korea.

　　印度制造業PMI指數也表現強勁，抵消了韓國等許多國家數據遜于預期的影響。

　　In Europe, the UK also published strong PMI figures. It reported a rise from 53.5 to 54.9, suggesting that growth was unlikely to slow further this year.

　　在歐洲，英國也發布了強勁的PMI數據：從53.5升至54.9，表明今年內經濟增長不太可能進一步放緩。

　　The figures “will provide reassurance that manufacturing remained a driver of UK economic growth at the start of the final quarter”, said Rob Dobson, economist at Markit, which produces the data.

　　數據編制機構Markit的經濟學家羅布•道布森(Rob Dobson)表示，上述數據“會使人放心，進入最后一個季度后，制造業依將是英國經濟增長的一個動力”。

　　‘Flash’ indicators from the eurozone last month also showed an improvement in business activity among manufacturers, especially in Germany.

　　歐元區上月發布的“閃’(Flash)數據也顯示制造業活動有所改善，尤其是在德國。

　　In the US, the equivalent series, published by the Institute for Supply Management, also showed the manufacturing sector growing faster, as the PMI rose from 54.4 in September to 56.9 in October.

　　在美國，由供應管理學會(ISM)發布的同類數據也顯示，制造業增長加速，10月份PMI從9月的54.4升至56.9。

　　Investors are expecting the Fed to restart quantitative easing after its meeting on Wednesday by signalling plans to create about $500bn over the next six months to purchase assets, such as government bonds.

　　投資者目前估計，美聯儲在周三會議結束后將重啟量化寬松貨幣政策，宣布未來半年內計劃“創造”5000億美元左右的資金，用以買進國債之類的資產。