Euro (歐羅) woes (問題) weigh heavily on (note 1) Asian stocks

Asian stocks slumped (下跌) on growing concerns (note 2) the euro-zone debt crisis (歐元區債務危機) may spread (展延) to Italy and Spain.

A Moody's report warning (警告) investors over corporate governance (公司管治) and accounting in some mainland firms also helped send Chinese firms to a lower level. The Hang Seng Index closed down 3 percent at 21,663.16 - the biggest fall in 14 months - with turnover expanding to HK$80.36 billion. The China Enterprises Index plunged (下瀉) 3.7 percent to 12,032.03.

"A relatively stronger rebound came from an overreaction on Greece's bailout (note 3)," said First Shanghai Securities chief strategist Linus Yip Sheung-chi. "The fact is that problems still remain in Europe." Yip said equity markets will continue to see sell-offs (狂沽) and he expects the gold price to shoot up (note 4) to US$1,630 (HK$12,714) an ounce after moving sideways (不上不下) over the past three months. All Hang Seng constituents (成分股) ended in negative territory (note 5), with financials seeing the worst of it. Heavyweight HSBC (0005) fell 3 percent to HK$74.75.

In China, the Shanghai Composite Index gave up 1.7 percent - the most in four months, to 2,754.58. The yuan also plunged to a two- week low against the US dollar at 6.4722. The Nikkei closed down 1.4 percent, and the Kospi declined 2.2 percent.

Forty-four Hong Kong-listed mainland firms have been given "red flags" (預警) by Moody's Investors Service on concerns about their accounting standards and governance risks. Shares of five of the firms slumped as much as 14 percent yesterday. The ratings agency (評級機構) screened (note 6) a total of 49 mainland firms - with all getting at least one red flag in five categories: weak corporate governance, risky business models, fast-growth strategies, poor earnings quality and audit concerns.

West China Cement (2233) shares closed 14 percent lower at HK$2.43 after being given 12 flags, the most among the screened firms. It fell as much as 26 percent during the day. Winsway Coking Coal (1733), which had 11 red flags, gave up 6.8 percent.

From good to better English:

(note 1) weigh heavily on=重壓。Mo Mo is weighed down with many troubles=Mo Mo被許多麻煩事壓得透不過氣來。Ivy weighs 85 pounds=Ivy體重85磅。weigh on one's mind=使人煩惱，使人心情沈重。

(note 2) growing concerns=越來越使人擔心。Concern=關係到，影響，涉及。concerned for or about=擔心，掛念，憂慮。It doesn't concern me, Victor says＝Victor說，那件事和我沒關係。So far as I am concerned=就我個人來說。

(note 3) bailout=Financial assistance(金融援助、幫助擺脫困境。) refuse bail =法官不准保釋。

(note 4) shoot up=狂升。Shoot=射(箭)、開(槍) 、拍攝。Shoot=快講(slang)。shoot down=射落、射倒、駁倒。shoot oneself in the foot=咎由自取，搬起石頭砸自己的腳。

(note 5) ended in negative territory=股價全部下跌。Territory=領土、版圖、勢力範圍。

(note 6) screen=甄別。screen out= 篩去、篩選、選拔。a smoke screen=煙幕。screen time=放映時間。

Victor’s View: I am sure the financial crisis in Europe is just the beginning. You ain’t seen nothing yet. Another financial tsunami is looming. We must remain nimble and try various measures to protect our hard-earned money.

(Victor Fung Keung, director of HK Baptist University’s M.A. in international journalism program, has published 3 books on English-enhancement and plans to write 7 more by the end of 2012. Write to him: deanfungenglish@gmail.com)