So why is the MSCI World index of global equities down by more than 10% this year, with emerging markets showing double-digit losses and European bourses shedding more than 20% in dollar terms?

那么，为什么摩根·士丹利资本国际指数今年已下挫逾10%，新兴市场的损失达到两位数，若以美元计价的话，欧洲交易所的市值更是流失了超过20% ？

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For part of last year, the MSCI emerging-markets index was even trading at a higher multiple of earnings than the index of rich-world shares.

去年的一段时间，新兴市场的摩根股价指数(MSCI)甚至超过发达世界，以多种较高的利润进行交易。

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LAST year record amounts flowed into emerging-market equities from rich-world investors, pushing the index prepared by MSCI up by 19%.

去年发达国家投资者购买新兴市场股票的资金创下了历史新高，MSCI(摩根·士丹利国际资本公司)计算的指数一路推高至19%。

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At the end of August, the MSCI emerging-markets index was down by 10.3% in dollar terms since the start of the year. The developed-world index was down by 5.4% over the same period.

截至今年8月末，摩根·士丹利资本国际公司按美元计算的新兴市场指数下降了10.3%，而同期发达国家股指的下滑幅度为5.4%。

youdao

At the end of August, the MSCI emerging-markets index was down by 10.3% in dollar terms since the start of the year. The developed-world index was down by 5.4% over the same period.

截至今年8月末，摩根·士丹利资本国际公司按美元计算的新兴市场指数下降了10.3%，而同期发达国家股指的下滑幅度为5.4%。

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