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本帖最后由 小曲 于 2011-6-8 14:55 编辑 % D1 I k5 z/ q. u
" b+ g$ k u; jSignature Market Roundup
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Eric Bushell; e# n. w) P5 k* ]' Z
Senior Vice-President,
, i% ~$ U3 o- y" Z. ?$ }7 m7 [Portfolio Management
& N. X/ {2 x1 ]* F! V# a% qand Chief Investment Officer4 S9 `- f& Q/ h8 W! z
' B9 e7 _1 w2 n: m3 u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
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ran from March 2009 to April 2010 and was halted by the3 [/ B! R' ^* G2 `- L( y4 @5 P
European sovereign crisis and a U.S. slowdown. The second
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) e% m l) L: y S$ \2 qunconventional easing policy dubbed QE2 in September4 S' o3 A2 z0 M0 P+ y( B8 f
2010. This action saw investors exit the dollar and scramble5 i- {- w( G( x/ E0 F2 `4 J5 ?! J* ^, X( o
for real assets ranging from property to commodities, credit
- H7 L7 ~ n5 Band equities. As we near the end of this policy, prospects v0 R6 X% M# o
for dollar stabilization grow; this would be helped through
' A2 w& M) b6 ^( T J9 AU.S. fi scal retrenchment and relief on the part of bond
0 |! Y$ y1 o$ x. u6 omarkets. Given the success of the policy and the heightened$ X8 I9 r1 |* s7 O& _ M) |1 x
uncertainties elsewhere, it may be time to move to a more
! O! |& H4 j) J7 fneutral risk positioning. |
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