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A. Investors are worried about slower economic growth in China, a gloomier outlookfor U.S. corporate profits and an end to easy-money policies in the United States andEurope. They're also worry about country-specific troubles around the world--fromeconomic mismanagement in Argentina to political instability in Turkey. Those fearsconverged this week to start a two-day rout in global markets that was capped(使结束 ) by a 318-point drop in the Dow Jones industrial average Friday.
B. The turbulence coincides with a global economic shift: China and other emergingmarket economies appear to be running into trouble just as the developed economiesof the United States and Europe finally show signs of renewed strength nearly fiveyears after the end of the Great Recession.
C. The trouble began Thursday after a January survey showed a drop in Chinesemanufacturing activity. Days earlier, China reported that its economic growth lastyear matched 2012 for the slowest pace since 1999. "It is interesting how even amild trembling in China's growth causes such anxiety around the world," said EswarPrasad, professor of trade policy at Comell University.
D. Slower growth in China is bad news for countries that supply oil, iron ore and otherraw materials to the world's second-biggest economy. Some of those countries, suchas Indonesia and South Africa, were already struggling with an outflow of capitalas rising U.S. interest rates drew investors to the United States. Here's a look at theforces buffeting global financial markets:
The End of Easy Money
E. Since the global financial crisis hit in 2008, the Federal Reserve ( 美联储 ) has floodedmarkets with cash to push interest rates lower and encourage U.S. businesses andconsumers to borrow and spend. But in December 2013, as signs of growing economicstrength emerged in the U.S., the Fed cut back--reducing its monthly bond purchasesto $75 billion from $85 billion. It also said that it expected to reduce the bond-buyingfurther "in measured steps" at upcoming meetings. The Fed meets again Tuesday andWednesday. Many economists expect the central bank to cut the purchases again--perhaps to $65 billion a month.
F. The scaling back of the Fed's easy-money policies has hit some emerging marketshard. When the Fed was pushing U.S. rates lower, emerging markets had seen aninflow of capital from investors seeking higher returns than they could get in theUnited States. Now investment is flowing back to America, hammering currenciesin emerging markets. "Talk that the U.S. Federal Reserve will announce anotherreduction in its monthly bond purchases next week (is also) contributing to a lossof confidence in some emerging markets," said Jane Foley, a currency strategist atRabobank.
Political Turmoil
G. In some countries, concerns over the local political or financial situation haveworsened the market volatility ( 反复无常 ) dramatically. That was most obviousin Argentina, where the peso this week suffered its sharpest fall since the country's2002 economic collapse. The govemment, running short of reserves it could use tobuy the currency and keep it from falling, has let the peso drop instead. The country'seconomic fundamentals are grim: Inflation is believed to be running at about 25percent to 30 percent. The peso fell 16 percent in two days, easily the worst performeramong emerging markets.
H. Turkey's national the lira, hit multiple record lows in recent weeks currency 
asinvestors worried about the negative effects of a corruption scandal that threatens todestabilize the government. Having a stable government for the past 10 years has beenone of the key ingredients in the country's economic revival. The lira hit an all-timelow of 2.33 against the dollar on Friday--from around 2 per dollar in December--despite a $3 billion-intervention by the central bank in foreign exchange markets.
I.Beyond political problems, the countries that have seen their currencies fall mostare those that rely heavily on exports of raw materials used in manufacturing. TheRussian ruble was trading at 34.58 per dollar, from below 34 on Thursday. The SouthAfrican rand weakened to l 1.13 per dollar, from 10.98 the day before.
China Global GrowthJ.Since the recession, the global economy has relied heavily on China and otheremerging markets as the developed economies of the United States, Europe andJapan struggled. But China's economy is decelerating. It grew 7.7 percent in October-December 2013 from a year earlier, down from the previous quarter's 7.8 percentgrowth. Factory output, exports and investment all weakened. On Thursday, thepreliminary version of HSBC's purchasing managers'index of Chinese manufacturing ( 汇丰中国制造业采购经理人指数预览值 ) fell to 49.6, the lowest reading sinceJuly's 47.7. Anything below 50 signals a contraction.
K. China's growth is still far stronger than the United States, Japan or Europe, butis down from the double-digit rates of the previous decade. Many economists aretroubled less by the slower growth numbers than by China's over-reliance on tradeand investment instead of spending by its consumers. "China, and the world at large,would benefit from its shift to a lower but more sustainable pattern of growth that isnot so heavily dependent on investment-led growth fueled by bank credit," Cornell'sPrasad said.
L. China's growth is slowing just as the world's rich economies begin to gain momentum. The 17 countries that use the euro currency appear to be recovering from a debt crisis that tipped them into a double-dip recession ( 二次衰退 ) in late 2011. In the United States, households have reduced crippling debt levels and are in better shape to start spending again. The International Monetary Fund expects theU.S. economy to grow 2.8 percent this year, up from 1.9 percent in 2013, and for the eurozone economy to grow 1 percent in 2014 after contracting 0.4 percent in 2013 and 0.7 percent in 2012.
 Corporate Profits
M. In the U.S., the outlook for corporate profits has already been weakening, and theturmoil in emerging-market currencies could make matters worse. About two-thirdsof the 123 S&P 500 companies that have reported fourth-quarter earnings so far havebeaten analysts' estimates, according to S&P Capital 1Q, in line with the historical average. But the forecasts for income growth have been falling and could decline further. As recently as this summer, analysts predicted earnings growth of more than 11 percent for the fourth quarter, but now they expect just half that--5.9 percent.
N. Some companies are becoming more pessimistic, too. For the January-March quarter, seven out of every 10 that have talked about their prospects have cut projections,more than average, according to FactSet. The stocks have tanked as a result. SinceUnited Continental lowered revenue estimates on Thursday, for instance, its stockhas fallen 6 percent. U.S.-based multinational companies posted some of the biggestdeclines on Friday as investors worried about overseas sales.
O. Companies that rely on overseas sales will bring home fewer dollars if the dollarcontinues to appreciate against foreign currencies, especially in emerging marketsthat have been hammered this week. In Argentina, for example, the same amount
of pesos buys fewer dollars today than it did last week. On Tuesday, Europe-basedconsumer goods giant Unilever said fourth-quarter sales slowed because of weaknessin emerging markets. The decline was mostly because of unfavorable currency moves.
"So when emerging markets sniffle," said Lawrence Creatura, a portfolio managerwith Federated Investors, "companies can catch a cold."
1.[选词填空]Investors went to the United States because they were attracted by its rising interestrates.
    • 解题思路:题干意为,投资者被美国不断提高的利率吸引至美国。根据题干中的关键词UnitedStates和rising interest rates可定位到D段。该段第二句提到,美国通过不断提高的利率来吸引投资者,资金外流令这些原料供应国,如印度尼西亚和南非备受煎熬。由此可知,题干是对原文的同义转述,故选D。
    2.[选词填空]Lowering revenue estimates caused the decline in the stock of United Continental.
      • 解题思路:题干意为,降低利润预期引起了美国联合大陆控股公司的股价贬值。根据题干中的关键词Lowering revenue estimates,stock和United Continental可定位到N段。该段第四句提到,自本周四美国联合大陆控股公司降低利润预期以来,其股价贬值6%。由此可知,题干是对原文的同义转述,故选N。
      3.[选词填空]Relying heavily on the exports of raw materials used in manufacturing was anotherreason for currency fall.
        • 解题思路:题干意为,高度依赖制造业原材料出口是货币贬值的另一个原因。根据题干中的关键词the exports ofraw materials used in manufacturing和currency fall可定位到I段。该段首句提到,比政治问题更甚的是,高度依赖制造业原材料出口的国家的货币贬值最严重。由此可知,题干是对原文的同义转述,故选I。
        4.[选词填空]A survey showing the drop in Chinese manufacturing activity triggered the turbulencein global markets.
          • 解题思路:题干意为,一份显示中国制造业活动降温的报告诱发了此次全球市场动荡。根据题干中的关键词A survey showing the drop in Chinese manufacturing activity可定位到C段。该段首句提到,这次动荡始于本周四,在此之前,一份1月的报告显示中国制造业活动出现降温。原文此处的The trouble指的即是前文中提到的全球市场经济动荡,由此可知,题干是对原文的同义转述,故选C。 全文译文
          5.[选词填空]The Federal Reserve began to cut back its bond-buying in December 2013.
            • 解题思路:题干意为,在2013年l2月美联储开始削减债券购买量。根据题干中的关键词TheFederal Reserve和bond.buyin9可定位到E段。该段第二句提到,不过,在2013年12月,随着美国出现经济增长迹象,美联储开始减少印钞——美国每月的债券购买量从850亿美元减少至750亿美元。由此可知,题干是对原文的同义转述,故选E。
            6.[选词填空]Prasad thinks that China's shifting to a lower but more sustainable pattern of growthwill benefit both China and the world.
              • 解题思路:题干意为,普拉萨德认为,中国转变为更加缓慢、更可持续的经济增长模式对自身和世界都是有利的。根据题干中的关键词shifting to a lower but more sustainablepattem of growth可定位到K段。该段第三句提到,康奈尔大学的普拉萨德声称,中国及世界大部分国家都会从中国转向更加缓慢但更可持续的经济模式中获益。由此可知,题干是对原文的同义转述,故选K。
              7.[选词填空]In the past decade, the country's political stability was one of the important reasonsfor Turkey's economic revival.
                • 解题思路:题干意为,在过去的十年,国家的政治稳定是土耳其经济复苏的一个重要原因之一。根据题干中的关键词the past decade和Turkey’s economic revival可以定位到H段。该段第二句中提到,过去十年保持政府稳定一直是土耳其经济复苏的关键因素之一。由此可知,题干是对原文的同义转述,故选H。
                8.[选词填空]Argentina's government almost ran out its reserves to buy the currency in order tokeep it from falling.
                  • 解题思路:题干意为,阿根廷政府几乎用光了储备金来购买外汇以避免外汇减少。根据题干中的关键词Argentina可定位到G段。该段第三句提到,阿根廷政府几乎用光了储备金来购买外汇并避免外汇减少,却使本国比索币大幅贬值。由此可知,题干是对原文的同义转述,故选G。
                  9.[选词填空]Weakness in emerging markets will have a bad effect on many companies.
                    • 解题思路:题干意为,新兴市场的衰弱将给许多公司带来不利影响。根据题干中的关键词weakness in emerging markets可定位到O段。该段第三句提到,本周二,总部在欧洲的消费品巨头联合利华称,由于新兴市场的衰弱,其第四季度的销售额下降了。最后一句也提到“新兴市场打一个喷嚏,就可能让许多公司感冒。”可见新兴市场的兴衰对许多公司的影响很大。由此可知,题干是对原文的同义转述,故选O。
                    10.[选词填空]The International Monetary Fund expects the U.S. economy and the eurozoneeconomy to grow faster in 2014.
                      • 解题思路:题干意为,国际货币基金组织预测2014年美国和欧盟国家经济会有更快的增长。根据题干中的关键词The Intemational Monetary Fund,the U.S.economy和theeurozone economy可定位到L段。该段第四句提到,国际货币基金组织预测美国今年的经济增长率将由2013年的1.9%增至2.8%,预测2014年欧盟经济增长率从2012年的0.7%和2013年的0.4%增至1%。由此可知,题干是对原文的同义转述,故选L。
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                      • 参考答案:O,N,I,C,E,K,H,G,O,L