Stock markets may well fall in 2008 from their levels at the end of this year, but they would need to drop 20 per cent from their recent peaks for there to be a full-blown bear market.

2008年，全球股市很可能会低于去年年底的水平，但要想进入全面熊市，它们需要从最近的高点下跌20%。

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The emperors periodically toured the four peaks in order to take stock of their realm.

徽孥按期巡游四山去啃扉其范围。

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Us and European stock markets tumbled amid persistent credit concerns and the dollar's unrelenting slide helped push commodity prices to new peaks.

因为市场中持续存在的信贷忧虑，美欧股市下跌，而美元不竭走低敦促年夜宗商品价钱连立异高。

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At their peaks, global stock markets, including that of the U.S., were extremely overbought above their long-term 200-day moving averages, to a degree that almost always results in a decline at least down to retest the support at that moving average.

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Many of these companies split their stock and all of them saw significant share price erosion as tech stocks crashed from the peaks.

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The stock markets, where most international indexes are about 30% below their 1999-2000 peaks, are telling us that corporate earnings are likely to be much lower than analysts had expected.

BBC: Analysis: What now for the world economy?