2018年全球大事预测

Will Theresa May remain prime minister in 2018?

2018年特里萨•梅(Theresa May)会继续担任英国首相吗?

Yes. Mrs May lost most of her authority with the bungled snap election. But the past few months have been kinder. Sealing a Brexit divorce deal has ensured short-term job security. So until Brexit is formally complete in 2019, or an appealing alternative emerges, the Conservative party will keep her where she is. Remainers and Leavers alike wish to avoid a civil war that would be sparked by moving against her. What was thought to be an unsustainable position is proving surprisingly sustainable.

会。梅因为失算的提前选举而失去了大部分权威。但过去几个月情况对她较为有利。敲定退欧离婚协议，确保了她的饭碗短期无忧。因此直到2019年英国退欧正式完成(或者另一种更吸引人的替代方案出现)前，保守党将让她继续坐在首相位置上。留欧派和退欧派都希望避免因反对她而引发内战。事实将证明，曾经被人们认为是坐不长的位置，意外地能够坐久。

Sebastian Payne

塞巴斯蒂安•佩恩(Sebastian Payne)

Will the UK economy be the slowest-growing in the G7?

英国会是七国集团(G7)中经济增长最慢的国家吗?

No. This is possible, of course, but with luck, Mrs May has at least now ensured that the UK is not going to tumble over a “no deal” cliff in 2019. In December 2017, Consensus Forecasts’ prediction for the UK was of 1.5 per cent growth in 2018. Its forecasts for Japan and Italy were even lower, at 1.3 per cent. So the chances that the UK will have the slowest-growing economy in the G7 next year should be around one in four.

不会。当然，这种情况可能发生，但是只要运气不是太差，梅眼下至少可以确保英国经济不会在2019年因掉落“无协议”悬崖而急剧下滑。2017年12月，“共识预测”(Consensus Forecasts)预测2018年英国将增长1.5%。该机构对日本和意大利的预测值更低，为1.3%。因此英国明年成为G7中经济增长最慢国家的几率应该在四分之一左右。

Martin Wolf

马丁•沃尔夫(Martin Wolf)

Will Emmanuel Macron secure a commitment from German chancellor Angela Merkel on a eurozone budget?

埃马纽埃尔•马克龙(Emmanuel Macron)会得到德国总理安格拉•默克尔(Angela Merkel)对欧元区预算的承诺吗?

No. Ms Merkel may accept a small eurozone investment fund, but it will fall short of the French president’s ambitions. Mr Macron wants a “road map” to a budget equivalent to several percentage points of eurozone output, supervised by a finance minister, all to absorb economic shocks. Ms Merkel is inclined to acquiesce, but she has emerged politically weakened from federal elections and will be unable to impose such a decision on her largely sceptical public.

不会。默克尔可能会接受一支规模较小的欧元区投资基金，但这满足不了这位法国总统的雄心。马克龙想要的是“路线图”，指明如何实现一份相当于欧元区经济产出一定百分点的预算，由一名财政部长监督，完全用于缓冲经济震荡。默克尔想要答应，但她在联邦选举后政治地位受到削弱，因此无法勉强基本上持怀疑态度的德国民众接受这样一个决定。

Anne-Sylvaine Chassany

安妮-西尔万•沙萨尼(Anne-Sylvaine Chassany)

Will the Democrats take back the majority in the midterm election in the US House of Representatives?

民主党能在中期选举中重新夺回美国众议院多数党地位吗?

Yes — by an eyelash. Democrats will need to win an additional 24 seats, meaning they will have to hold on to all 12 Democratic districts that Mr Trump won last year and pick up the 23 Republican districts that voted for Hillary Clinton, plus one or two more for good measure. The math is not on the Democrats’ side, but history is. The president’s party almost always loses some House seats in the midterms, and sometimes loses big, especially when the president has an approval rating below 50 per cent. See Barack Obama in 2010.

勉强能。民主党需要再赢得24个席位，这意味着他们需要守住特朗普去年胜选的全部12个民主党选区，并拿下23个在大选中投票支持希拉里•克林顿(Hillary Clinton)的共和党选区，另外再添上一两个选区。算起来形势对民主党不利，但从历史先例来看形势有利于民主党。历任总统所在的政党几乎总会在中期选举时丢掉一些众议院席位，有时丢得还挺多，特别是当在位总统的支持率低于50%的时候。看一看2010年的巴拉克•奥巴马(Barack Obama)就知道了。

Courtney Weaver

柯特妮•韦弗(Courtney Weaver)

Will impeachment proceedings begin against Donald Trump?

唐纳德•特朗普(Donald Trump)会遭遇弹劾程序吗?

Yes — just. Democrats will regain control of the House of Representatives in the November midterm elections. Though they will not take charge until January 2019, they will waste no time preparing the House Judiciary paperwork. Mr Trump will label it a “witch hunt”. But another year of his surreal presidency makes it all but inevitable Democrats will campaign on a pledge to hold him to account. Whatever Robert Mueller’s investigation unearths before then is unlikely to turn enough Republicans against him.

勉强会。民主党将在11月中期选举中重新赢得对众议院的控制权。尽管他们要到2019年1月才能掌控众议院，但他们将马上开始为众议院司法委员会(House Judiciary)启动弹劾做文书方面的准备。特朗普将称此举为“政治迫害”。但在特朗普怪诞的总统任期又持续了一年之后，民主党将几乎不可避免地展开造势活动，誓要让特朗普承担责任。在此之前，无论罗伯特•米勒(Robert Mueller)的调查发现了什么，都不可能让足够多的共和党人倒戈反对特朗普。

Edward Luce

爱德华•卢斯(Edward Luce)

Will Trump trigger a trade war with China?

特朗普会发动美中贸易战吗?

Yes. In 2018 President Trump will deliver on some of his protectionist campaign rhetoric by taking punitive actions against China. The most likely triggers for action will be official reports that the Trump administration has commissioned into China’s alleged theft of intellectual property, and its subsidised production of steel and aluminium. The president, spurred on by his trade team, is likely to order retaliatory measures, including tariffs. Whether that marks the first shot in a trade war will depend on how China reacts. A Chinese decision to impose retaliatory tariffs, or to take America to the World Trade Organization, will signal the opening of hostilities.

会。2018年，美国总统特朗普将通过对中国采取惩罚性行动，来兑现他在竞选时许下的部分保护主义诺言。最可能的触发因素将是特朗普政府委托的、对中国涉嫌窃取知识产权的官方调查报告，以及中国补贴钢铁和铝生产的行为。在其贸易团队的敦促下，特朗普可能会下令采取报复性措施，其中包括征收惩罚性关税。此举是否会标志着贸易战打响第一枪，将取决于中国如何反应。如果中国决定征收报复性关税，或者把美国告上世贸组织(WTO)，将标志着敌对状态的开始。

Gideon Rachman

吉迪恩•拉赫曼(Gideon Rachman)

Will China’s reported gross domestic product growth surpass 6.5 per cent?

中国官方国内生产总值(GDP)增速会超过6.5%吗?

Yes, even if real GDP growth does not. Speculation over the true GDP growth rate in China, as opposed to the official one, has spawned a cottage industry of specialist economists. The official figures are deceptively stable and serene thanks to suspected “smoothing” by the Chinese authorities, as they bend the figures to fit growth targets. So even if growth does stumble in 2018, the official growth rate is almost certain to come in above the preordained 6.5 per cent.

会，即便真实的GDP增速未超过这个数字。关于中国真正的(相对官方数据而言)GDP增长率的猜测，已经衍生出一个由相关经济学专家组成的作坊式行业。官方数据看似稳定而美好——有人怀疑中国有关部门对数据进行了“美化”，调整了一些数字、使其符合增长目标。因此，即使2018年中国的增长磕磕绊绊，官方的增速也几乎肯定会高于预定的6.5%。

Jamil Anderlini

吉密欧(Jamil Anderlini)

Will the BoJ tighten monetary policy?

日本央行会收紧货币政策吗?

No. The Bank of Japan’s life will get tougher in 2018 as the US Federal Reserve tightens policy and widens the interest rate gap with Japan. But governor Haruhiko Kuroda is determined to hike rates in response to one thing only: inflation. The BoJ may let the yield curve climb a little if prices start to accelerate, but real interest rates in Japan will end 2018 no higher than at the start of the year.

不会。随着美联储收紧货币政策并扩大美国与日本的利率差，2018年日本央行的日子会更不好过。但是日本央行行长黑田东彦(Haruhiko Kuroda)已决心只会因一件事而上调利率，那就是通胀。如果通胀开始加速，日本央行可能会让收益率曲线略微上扬，但到2018年年底时日本实际利率不会高于年初时的水平。

Robin Harding

罗宾•哈丁(Robin Harding)

Will emerging market GDP growth pass 5 per cent?

新兴市场GDP增速会超过5%吗?

Yes. With the US Federal Reserve likely to raise interest rates a few times in 2018, trading is likely to be choppy in emerging markets. Sometimes it may feel a bit like a rerun of the 2013 “taper tantrum”. However, average GDP growth will rise to 5 per cent, up from a forecast 4.7 per cent this year. This will mostly be because Russia and Brazil, which have stumbled, will bounce back.

会。在2018年美联储可能多次加息的情况下，新兴市场中的交易可能会波动起伏。有时可能感觉有点像2013年“削减恐慌”(taper tantrum)重演。然而，平均GDP增速将升至5%，高于去年4.7%的预测值。这主要是因为近来处境艰难的俄罗斯和巴西境况将好转。

James Kynge

金奇(James Kynge)

Will Indian Prime Minister Narendra Modi try any more unorthodox economic experiments?

印度总理纳伦德拉•莫迪(Narendra Modi)会尝试更多非正统的经济试验吗?

Yes. Mr Modi’s overnight ban on using high-value bank notes was a big shock, and seriously disrupted the economy. But it delivered rich political rewards, bolstering the premier’s image as a decisive leader willing to take tough action against corruption. With the next general elections due in 2019, Mr Modi will be tempted to deliver one more big bang to dazzle voters. Watch out for dramatic action against wealthy individuals holding properties in others’ names to hide their ownership.

会。莫迪一夜之间废除大面额纸币的做法令人震惊，严重扰乱了印度经济。但此举带来了丰厚的政治回报，支撑了莫迪作为愿意采取严厉措施打击腐败的果决领导人的形象。面临2019年的下一届大选，莫迪很有可能想拿出另一项轰动性措施来博取选民的支持。当心，他可能会对那些为了隐藏资产而以他人名义持有房产的富人采取重大行动。

Amy Kazmin

艾米•卡兹明(Amy Kazmin)

Will the Saudi Aramco public offering debut on an international market?

沙特阿美(Saudi Aramco)会在外国公开上市吗?

No. What has been billed as the largest ever IPO is a cornerstone of de facto leader Mohammed bin Salman’s grand economic restructuring, so it must happen. Shares in Aramco will be quoted on the local stock exchange. The international element of the IPO is unlikely to be a public listing, however. Donald Trump has lobbied for New York, and London is pulling all the stops. Hong Kong and Tokyo are also under consideration. But the Saudis will opt instead for a private sale, or choose to list internationally later than anticipated.

不会。这笔被誉为史上最大规模的首次公开发行(IPO)，是沙特实际领导人穆罕默德•本•萨勒曼(Mohammed bin Salman)宏大经济重组计划的基石，因此沙特阿美IPO肯定会成行。该公司的股票将在沙特本国的证交所上市。不过，此次IPO计划在国外的部分不太可能是一次公开发行。唐纳德•特朗普正在为纽约游说，伦敦也在全力以赴争取。香港和东京也在沙特的考虑之中。但沙特会转而选择非公开售股，或者在晚于预期的时间在国外上市。

Roula Khalaf

鲁拉•卡拉夫(Roula Khalaf)

Will José Antonio Meade be the next president of Mexico?

何塞•安东尼奥•梅亚德(José Antonio Meade)会成为下一任墨西哥总统吗?

Yes. Mr Meade is the candidate of the ruling Institutional Revolutionary Party, or PRI. His main rival is the hard leftist Andrés Manuel López Obrador, a passionate orator who can work a crowd. Mr Meade has a lot to overcome: he will have to convince voters that they can trust him, after he put up petrol prices by 20 per cent overnight in January, triggering a surge in inflation. He will also have to reveal himself as his own man, not just a clone of an unpopular government that has failed spectacularly to rein in rampant corruption and crime. But backed by the formidable PRI get-out-the-vote machine, he could prove unstoppable. In Mexico’s one-round-only system, 30 per cent of the vote might be enough.

会。梅亚德是执政党革命制度党(PRI)的候选人。他主要的竞争对手是强硬的左翼领导人安德烈斯•曼努埃尔•洛佩斯•奥夫拉多尔(Andrés Manuel López Obrador)——可以感召人群的激情演说家。梅亚德需要克服很多问题：在去年1月一夜间把油价上调20%、引发通胀飙升后，他必须说服选民自己仍然是可以信任的。他还必须证明自己是个有主见的人，而不仅仅是这届不受欢迎的政府的傀儡——在遏制猖獗的腐败和犯罪行为方面，这届政府极为失败。但是凭借强大的PRI拉票机器，他可能势不可挡。在墨西哥只有一轮选举的体制下，30%的选票可能就足以让他当选总统了。

Jude Webber

裘德•韦伯(Jude Webber)

Will Zimbabwe’s new leader hold — and win — fair elections?

津巴布韦新任领导人会举行公平的选举并胜选吗?

No. Having ended Robert Mugabe’s 37-year rule — with a little help from the army — Emmerson Mnangagwa has promised free elections in 2018. That raises one problem: he could lose. He must at least pretend elections are fair because he needs donor money to help turn the economy around. That would mean electoral reforms, which risk a loss for his unpopular Zanu-PF. Even if Mr Mnangagwa were prepared to roll the electoral dice, it is not clear the army is. Having got their man in, Zimbabwe’s generals are unlikely to allow the public to kick him out.

不会。结束罗伯特•穆加贝(Robert Mugabe)长达37年的执政(军方在这件事上也帮了点忙)后，埃默森•姆南加古瓦(Emmerson Mnangagwa)承诺在2018年举行自由选举。这引出了一个问题：他可能会输掉大选。他至少要装作选举是公平的，因为他需要政治献金来扭转经济。这将意味着要推行选举改革——可能会让其不受欢迎的非洲民族联盟-爱国阵线(Zanu-PF)输掉选举。即使姆南加古瓦准备好在选举中赌一把，还不清楚军方愿不愿意。已经把自己的人推上台的津巴布韦将军们，不太可能会容许公众再把他踢下去。

David Pilling

戴维•皮林(David Pilling)

Will the AT&T/Time Warner merger go through without big remedies (such as the sale of CNN)?

AT&T和时代华纳(Time Warner)会在不作出大的妥协(比如出售美国有线新闻网(CNN))的情况下完成合并吗?

Yes. The government hasn’t won a vertical merger case in decades. According to the Department of Justice’s own review guidelines, “vertical mergers” between content owners like Time Warner and distributors like AT&T are much less worrisome than horizontal ones. Meanwhile, the Fang companies — Facebook, Amazon, Netflix and Google — now dominate the digital entertainment landscape, which makes the government’s argument that the merger of two old-media firms would fundamentally alter competition even harder to make.

会。美国政府在垂直合并案上已有数十年没赢过。据美国司法部(Department of Justice)自己的审查指导原则，像时代华纳这样的内容所有者与AT&T这样的分销商之间的“垂直合并”，远不如水平合并那么令人担忧。与此同时，Facebook、亚马逊(Amazon)、Netflix和谷歌(Google)这四巨头(合称FANG，取每家名称首字母)如今主宰了数字娱乐版图，这使得政府的如下论点更难以站住脚：两家传统媒体公司的合并，会从根本上改变竞争态势。

Rana Foroohar

拉娜•福鲁哈尔(Rana Foroohar)

Will Tesla produce more than 250,000 Model 3s?

特斯拉(Tesla) Model 3s的产量会超过25万辆吗?

No. The much-hyped US electric carmaker once promised to make 400,000 of its new dream machines in 2018. Its latest production targets imply 200,000-300,000. But serious glitches in battery production have meant a slow start, and Tesla’s record is not good. With Tesla yet to show it can wean itself off constant infusions of Wall Street cash, 2018 cold be a make or break year.

没戏。这家受到热捧的美国电动车制造商曾经承诺在2018年生产40万辆新款Model 3s。该公司最新的产量目标暗示20万-30万辆。但是电池生产中出现的严重问题意味着一开始就慢了，而且特斯拉的记录不佳。对尚未证明自己离了华尔街不断输入的资金也能活的特斯拉而言，2018年可能会是不成功便成仁的一年。

Richard Waters

理查德•沃特斯(Richard Waters)

Will the S&P 500 finish the year above 2,650?

今年年底标普500(S&P 500)指数会在2650点上方吗?

Yes. There are plenty of positives: earnings, economic growth, and US tax cuts. But they are already known. Stocks look ridiculously expensive by historical standards, but that tells us nothing about short-term moves. Ultimately, it comes down to liquidity, which has driven markets since they emerged from the crisis in 2009. If all goes according to plan, central banks will be decreasing their balance sheets, and removing liquidity, by the end of 2018. If they go through with this, the odds are that the S&P will stall. But even a tiny tremor could make the bankers blink. Expect the momentum to continue.

会。目前有很多利好因素：利润、经济增长和美国减税。但这些都是已知因素。按照历史标准看，眼下股价高得离谱，但这对短期走势毫无参考价值。最终还是要看流动性，自从股市在2009年从危机中走出来以后，流动性始终驱动着股市上涨。如果一切按计划进行，到2018年底，各国央行会在缩表和撤除流动性。如果各央行果真这样做，标普500指数很可能会牛气不再。但只要稍有风吹草动，央行官员们就会迟疑。这股牛气应该会继续。

John Authers

约翰•奥瑟兹(John Authers)

Will the 10-year Treasury yield finish the year above 3 per cent?

今年年底10年期美国国债收益率会突破3%吗?

No. Wall Street strategists’ predicting that the US government’s 10-year borrowing costs will climb above the 3 per cent mark in the coming year is as much a staple of the Christmas period as awkward office parties. This year the forecasts look more likely to be fulfilled, given a withdrawal of quantitative easing and the US tax cut. However, the seismic, secular forces pinning down both inflation and long-term bond yields remain in place and are still underestimated. The Federal Reserve will raise interest rates at least three times in 2018, but the 10-year yield will not breach 3 per cent.

不会。华尔街策略师预测美国政府的10年期借贷成本将在未来一年攀升至3%以上，这话就像尴尬的办公室聚会一样是圣诞节那段时间的固定节目。鉴于美联储退出量化宽松和美国减税，今年的预测看起来更有可能实现。然而，压低通胀和长期债券收益率的长期重大因素依然存在，并且仍然被低估。2018年美联储将至少加息三次，但10年期收益率不会突破3%。

Robin Wigglesworth

罗宾•威格尔斯沃思(Robin Wigglesworth)

Will oil finish 2018 above $70 a barrel?

2018年底石油价格会超过每桶70美元吗?

Yes. Supply outages and geopolitical risk factors will probably persist, alongside output curbs by global producers. But whether prices can maintain levels at $70 or above is dependent on the willingness of Russia to keep backing a Saudi Arabia-led effort to cut production in the face of growing US shale supply. Other participants in the co-ordinated effort also need to sustain strong compliance with the deal, the incentive of which declines as governments reap the rewards of higher prices.

会。供应中断和地缘政治风险因素很可能会持续出现，同时伴随着全球生产商限产。但价格能否保持在70美元或以上水平取决于：在美国页岩油供应不断增长的情况下，俄罗斯是否愿意继续支持沙特阿拉伯牵头的限产努力。参与限产的其他国家也需要继续坚定地遵守协议——随着各国政府受益于油价上涨，继续遵守协议的动力将越来越小。

Anjli Raval

安吉利•拉瓦尔(Anjli Raval)

Will a stable and liquid bitcoin futures market develop?

会建立起稳定、流动性较强的比特币期货市场吗?

No. One way it could play out: after a tentative start involving lots of trading stops, bitcoin futures will slowly begin to attract institutional money. Commodity Futures Trading Commission positioning data will reflect the extraordinary long bias that exists for the product among money managers. As the huge cost of rolling futures positions becomes self-evident, longs will complain ever more loudly about routine divergences around settlement time. Just as a senate hearing is being scheduled to investigate potential manipulation of the market, futures prices will fall below spot, initiating a sell-off.

不会。事情可能会这样发展：在一次试运营(其间出现多次交易停止)后，比特币期货将慢慢开始吸引机构资金。美国商品期货交易委员会(CFTC)的持仓数据将反映出资金管理公司对该产品存在的长期偏见。随着减仓的巨额成本变得不言自明，多头将越来越大声地抱怨围绕结算时间的例行分歧。就在参议院计划举行听证会调查潜在的市场操纵行为时，比特币期货价格将跌破现货价格，引发抛售。

Izabella Kaminska

伊莎贝拉•卡敏斯卡(Izabella Kaminska)

Will a nation other than Brazil, Germany or Spain win the World Cup?

会是除巴西、德国和西班牙之外的国家捧得大力神杯吗?

No. Football punditry is a mug’s game. Better to have the benefit of hindsight. There have been 20 previous World Cups. Of those, Brazil (five titles) and Germany (four), are regular contenders. Home advantage helps, with host nations winning the trophy six times. But next year’s festival of football is being held in Russia, which has the lowest-ranked team in the tournament.

不会。傻子才会去预测足球比赛的结果。最好是作事后诸葛亮。目前已经举办过20届世界杯。其中，巴西(5次捧杯)和德国(4次捧杯)是决赛常客。主场优势有所帮助，东道国赢得了6次奖杯。但是明年的世界杯将在俄罗斯举行，而这位东道主在参赛队伍中排名垫底。

Murad Ahmed

穆拉德•艾哈迈德(Murad Ahmed)

Illustrations by David Broadbent

插图：戴维•布罗德本特(David Broadbent)