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本帖最后由 小曲 于 2011-6-8 14:55 编辑 % \3 U( T% k; e. e. t+ L1 F
3 o7 o6 @. c" u3 N6 |3 C# m! xSignature Market Roundup) t; x4 c5 R: ~- `
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Eric Bushell
! ^( X9 b2 U9 u* E- b6 U/ U+ _+ bSenior Vice-President,
( o9 Y E0 t" v' l% S- M% S* GPortfolio Management/ Y, ~, ]! _9 M! |
and Chief Investment Officer3 w) ^* C7 S; ~' C1 A* g% B; q
0 \, g: P! ~1 o; 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。; v9 M& A6 T+ _4 I
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The second phase of the post-Lehman recovery in risky assets
/ y1 y" H {) T0 i$ U, `may be drawing to a close in April 2011. The fi rst phase
" R& ]( w' u4 Q+ d3 T% T% k+ Nran from March 2009 to April 2010 and was halted by the
4 a8 H) o3 I" T8 |6 c+ m EEuropean sovereign crisis and a U.S. slowdown. The second
) N$ C. e/ b( G# I$ a2 l; Nphase began with the U.S. Federal Reserve launching an" G8 _0 K2 e+ |" [9 Z
unconventional easing policy dubbed QE2 in September
e% O5 z6 Y9 T3 ?2010. This action saw investors exit the dollar and scramble3 q0 Z! l3 h% H8 k* x
for real assets ranging from property to commodities, credit
! q6 P: h3 W. u) I' ]1 X/ q% c/ iand equities. As we near the end of this policy, prospects
, y5 ?& v8 q7 Q* Sfor dollar stabilization grow; this would be helped through
$ Z/ B9 F; x6 R7 kU.S. fi scal retrenchment and relief on the part of bond- _# p' b' L/ ~3 l$ D
markets. Given the success of the policy and the heightened
6 p6 P* [( R. E$ j; B' S) O) d) Euncertainties elsewhere, it may be time to move to a more) `# M) |+ W' E9 Z- w9 ~$ r' s9 f6 f/ }
neutral risk positioning. |
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发表于 2011-6-8 13:44
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