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本帖最后由 小曲 于 2011-6-8 14:55 编辑 3 j7 N! m% A4 X* V3 e
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Signature Market Roundup
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/ ]3 j+ U; i$ @0 a, nEric Bushell$ m9 b9 x' T/ `& B H, @
Senior Vice-President,
) B" ?6 e* K: S8 {- `Portfolio Management5 p8 [. m6 ]2 Z) ?" ~% D
and Chief Investment Officer$ t% L$ P: | ^( S' [1 c7 E
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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
: r2 I# H0 f3 e7 |, W, rmay be drawing to a close in April 2011. The fi rst phase
# w' v- u U0 R# cran from March 2009 to April 2010 and was halted by the
6 J* F1 _1 v6 o( fEuropean sovereign crisis and a U.S. slowdown. The second
9 s- E4 A' s! T& fphase began with the U.S. Federal Reserve launching an
% P( n) U6 n' z( f( C/ @unconventional easing policy dubbed QE2 in September
3 L7 W. _5 k; y0 w& ~2010. This action saw investors exit the dollar and scramble3 [0 e. [, ^) E8 g. k( {, L+ ?
for real assets ranging from property to commodities, credit% \8 l. \/ p1 p4 q9 [( I+ K0 ^
and equities. As we near the end of this policy, prospects
$ C. D+ R8 M3 ^+ Cfor dollar stabilization grow; this would be helped through
6 {7 ~8 x9 W+ FU.S. fi scal retrenchment and relief on the part of bond, z) L2 T& T1 E/ ^/ t* E8 C
markets. Given the success of the policy and the heightened8 d) e) |2 S7 \9 r9 X
uncertainties elsewhere, it may be time to move to a more
/ P$ A8 t: P9 k Tneutral risk positioning. |
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发表于 2011-6-8 13:44
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