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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 Roundup8 H. _( g) L, {2 z: D
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7 y0 Q- Y! x. c: F( d& @9 EEric Bushell/ ]- t3 w/ T( n1 t' J; g- x9 T$ V
Senior Vice-President,7 @- ?0 ^! x% m5 G
Portfolio Management! b6 y! X# J: S. ~8 b
and Chief Investment Officer
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- d. J- E4 ]. v* R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 assets2 a: ~) v! J, N( \
may be drawing to a close in April 2011. The fi rst phase% S" B! o6 n& C, {% N% d K
ran from March 2009 to April 2010 and was halted by the, F+ V# P( A6 D5 a8 a, c
European sovereign crisis and a U.S. slowdown. The second
: u. v! w0 n0 k e' F Tphase began with the U.S. Federal Reserve launching an' R R% J4 ^/ ~9 a9 M8 I8 J2 W( H
unconventional easing policy dubbed QE2 in September
9 t5 l/ ^( Y6 J7 P$ S: v! t1 N+ c2010. This action saw investors exit the dollar and scramble& [/ b6 k4 Y7 _/ W7 k( l8 j; D0 h. J
for real assets ranging from property to commodities, credit, c+ U2 s0 N/ n
and equities. As we near the end of this policy, prospects/ h( h" O. x) Q$ p& L( n
for dollar stabilization grow; this would be helped through
: [+ r. H3 V9 LU.S. fi scal retrenchment and relief on the part of bond" K5 }: o0 o1 W0 t+ d6 [5 y
markets. Given the success of the policy and the heightened8 d3 o* I) z4 t+ p$ c1 `
uncertainties elsewhere, it may be time to move to a more
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