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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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K7 n/ I. Q$ U! l. q' [; `Signature Market Roundup
6 {8 a- Y9 T3 C( w2 O% h3 j* }; q5 [7 c7 h' c
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Eric Bushell
2 ]' [1 I) D8 h8 z8 C% W6 ^Senior Vice-President,
# E, S2 E# L! M* r. cPortfolio Management4 f- N5 O1 E& n6 J( l
and Chief Investment Officer
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+ ~# e; M' `6 G6 b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。: T7 a- ]0 w4 ^
1 V, U) k$ G" BThe second phase of the post-Lehman recovery in risky assets
+ b- T- Y5 A% _8 {4 ~8 ?may be drawing to a close in April 2011. The fi rst phase
. d7 g& n" J5 pran from March 2009 to April 2010 and was halted by the9 P; R3 d6 P% f7 E! ^8 X V: ?+ r; y
European sovereign crisis and a U.S. slowdown. The second% f9 |2 m9 A6 T5 C2 i
phase began with the U.S. Federal Reserve launching an7 {$ `2 g9 O8 G. X/ ^
unconventional easing policy dubbed QE2 in September& z% P% y; Q, ~% [( C5 Y' A) f
2010. This action saw investors exit the dollar and scramble9 _, R* E+ y# I+ {1 z# z
for real assets ranging from property to commodities, credit2 c& E6 h9 e* b; Q; t
and equities. As we near the end of this policy, prospects
! ~6 K0 w( S1 k/ C# x- Pfor dollar stabilization grow; this would be helped through; u* K3 U4 L) R: N- D/ e
U.S. fi scal retrenchment and relief on the part of bond
& g: R4 k# t- Q- h; @0 n, ^2 cmarkets. Given the success of the policy and the heightened
; A& P+ v: {* A# n* Q, V8 Xuncertainties elsewhere, it may be time to move to a more. n& o6 E; C2 U
neutral risk positioning. |
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