As consumers, firms, and investors become more cautious and risk-averse, the equity-market rally of the second half of 2012 has crested. And, given the seriousness of the downside risks to growth in advanced and emerging economies alike, the correction could be a bellwether of worse to come for the global economy and financial markets in 2013.
随着消费者、企业和投资者变得更加谨慎和风险厌恶，2012年下半年的股市反弹已经见顶。而由于发达国家和新兴市场都面临着严重的下行风险，修正走势可能只是2013年全球经济和金融市场糟糕表现的开端。