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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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Signature Market Roundup+ T! W9 t+ g7 z8 C, W
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Eric Bushell! e: b) c+ W; w2 l5 T, |
Senior Vice-President,9 g$ ]' N' |; s& y" P. @
Portfolio Management
) B1 c; ~* W. Z+ Xand Chief Investment Officer
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. Q% p r' S- J7 h* G& i7 x自lehman倒台后美国第二阶段的风险投资的恢复到四月底基本结束了。第一阶段是从2009三月到2010四月, 但被欧洲的债务危机和美国的减慢中断了。第二阶段是从美国联邦储备局2010年九月份开始的非传统的缓解政策,被称为QE2. 这个运作造成投资者抛售美金抢购房地产,商品期货,贷款,和股票。现在这个政策趋近结束,美金趋于稳定,这会帮助美国财政缩减,解除政卷市场的压力。面对美国QE2政策的成功,而世界其他地区都非常不稳定,现在可能是时候将投资定位到中性风险。
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The second phase of the post-Lehman recovery in risky assets: w& ]& @9 z6 g. @& W, z; z
may be drawing to a close in April 2011. The fi rst phase
2 y0 f8 V, d3 Z8 a `ran from March 2009 to April 2010 and was halted by the
" m% p# ]! A; E( H1 y4 L8 ]European sovereign crisis and a U.S. slowdown. The second
4 d1 { _7 ~, [1 `# G9 pphase began with the U.S. Federal Reserve launching an
) W0 E5 Q8 b, ^' o" Dunconventional easing policy dubbed QE2 in September
% P* x6 @# J9 Q8 S5 `, m2010. This action saw investors exit the dollar and scramble9 ?* p# K0 A) U4 W1 g' n/ I; i
for real assets ranging from property to commodities, credit
# \/ t' z6 P4 H7 x% a- Vand equities. As we near the end of this policy, prospects7 A. v/ s J/ h# Z1 ~
for dollar stabilization grow; this would be helped through
4 ]) d0 R0 w' bU.S. fi scal retrenchment and relief on the part of bond9 n. J/ t' r1 Y) R
markets. Given the success of the policy and the heightened
9 _( C$ I8 `1 i1 Q$ J8 euncertainties elsewhere, it may be time to move to a more- D6 z8 d2 b ]0 C/ g# ^7 y3 V
neutral risk positioning. |
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