That world has long gone. Risk aversion, as measured by HSBC's CLOG Index, is off its late October peak, but only fractionally so. Recession has already claimed some economies, including Singapore, and more will follow. Foreign funds are still liquidating positions and fleeing for safe havens. The terrorist attacks in Mumbai, and the siege of Thailand's main airport have reminded the world that Asia is anything but a safe haven. Governments and central banks have been unable to turn the tide. At least half a dozen fiscal stimulus packages and a swathe of interest rate cuts have barely registered with investors
世界早就變了。以滙豐銀行(HSBC)的CLOG指數來衡量，風險厭惡較10月末的峯值水準有所減輕，但幅度甚微。衰退已攫住包括新加坡在內的一些經濟體，還有更多經濟體將會跟隨。外國基金仍在平倉，逃向安全港。孟買的恐怖襲擊，泰國主要機場遭圍攻，均提醒著世人：亞洲絕非祥和之地。各國政府和央行無力扭轉局面。至少半打的財政刺激方案和大刀闊斧地的息，都幾乎未能打動投資者。