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本帖最后由 小曲 于 2011-6-8 14:55 编辑 1 W: k c) l ^( R) |
! m( `, B. b- x8 p8 M6 CSignature Market Roundup
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Eric Bushell# F, W0 s- K* w4 N7 b- o" P
Senior Vice-President,
. d' n5 ^3 o. l, D* o$ X: M+ `Portfolio Management
& W. }7 q0 N: J' Gand Chief Investment Officer
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E* @! W, x" o i v( p& p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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' m) z2 G6 N% F2 g' PThe second phase of the post-Lehman recovery in risky assets$ L8 D" D4 }7 @3 {1 a* u. B' D/ N
may be drawing to a close in April 2011. The fi rst phase- e+ a7 r, t+ g/ E
ran from March 2009 to April 2010 and was halted by the
. e( [# f* p1 P3 ZEuropean sovereign crisis and a U.S. slowdown. The second$ p% `% |4 x3 k3 z; k9 X0 @) \
phase began with the U.S. Federal Reserve launching an5 X( e& \; `; X. j+ }5 r. W! s5 U+ b
unconventional easing policy dubbed QE2 in September! u, x" [) w$ T# |
2010. This action saw investors exit the dollar and scramble
% F7 e/ h1 u7 B- Cfor real assets ranging from property to commodities, credit
6 f/ v. }5 @: c6 }6 @ ?and equities. As we near the end of this policy, prospects
1 ^& c( S7 x% K& `for dollar stabilization grow; this would be helped through
" ?, ?' Y, P$ c/ S$ n- RU.S. fi scal retrenchment and relief on the part of bond
- g5 d/ m: `' u; E2 gmarkets. Given the success of the policy and the heightened/ b) M, o G( b3 C
uncertainties elsewhere, it may be time to move to a more
. E: O, ?2 N# D) u/ O0 M% }neutral risk positioning. |
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