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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' P9 c6 `# V+ u% [
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Eric Bushell. _3 [ g5 b# Y& e9 S
Senior Vice-President,/ L+ v" ?8 r( T$ s/ i$ r$ N
Portfolio Management3 {5 x1 N; [/ [3 ?
and Chief Investment Officer7 H' a+ ^7 k% r2 A" F# [$ h
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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。9 n# |9 T1 p8 V" Y( p+ s' {9 U
: n7 Y& u( s) g( Q/ _+ iThe second phase of the post-Lehman recovery in risky assets0 i M& C `$ M8 C
may be drawing to a close in April 2011. The fi rst phase8 Z5 i# Q9 W) E' P
ran from March 2009 to April 2010 and was halted by the6 } `$ V4 E$ Z
European sovereign crisis and a U.S. slowdown. The second
2 x/ X4 d% B; |" k7 S6 {phase began with the U.S. Federal Reserve launching an
! x9 p9 `* K% h- f Dunconventional easing policy dubbed QE2 in September; U- }+ A2 U. x/ ~, V
2010. This action saw investors exit the dollar and scramble
5 J! m0 M' X7 N, I0 J# tfor real assets ranging from property to commodities, credit
( R: I* j. k- ^and equities. As we near the end of this policy, prospects* a# p* [: n: p
for dollar stabilization grow; this would be helped through. b, t3 K& t0 \
U.S. fi scal retrenchment and relief on the part of bond+ |) z( q7 a0 Z: q
markets. Given the success of the policy and the heightened `# K# o# X. Y& k& d) r! s0 \
uncertainties elsewhere, it may be time to move to a more
s/ e+ Z# L. J; hneutral risk positioning. |
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