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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/ \3 G+ j$ Y2 i* _
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Eric Bushell" ]( l" g* V( ~3 V1 Q% V! r( \
Senior Vice-President,
! H1 p0 {4 y; @4 APortfolio Management
7 G: h7 `8 c0 |7 C4 w8 ^and Chief Investment Officer) k: l& ]8 J' m! o
! O( G( T6 m- D t6 r: I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。4 z9 G+ a5 A0 U/ l C$ s+ S
) X% E/ V7 d) {- `The second phase of the post-Lehman recovery in risky assets
8 ~/ W! D! t0 W' k; F) K, Rmay be drawing to a close in April 2011. The fi rst phase
/ i$ ]! g+ e/ x. @0 G, \' w4 [ran from March 2009 to April 2010 and was halted by the
/ V1 p" T2 w3 i3 [: ^# KEuropean sovereign crisis and a U.S. slowdown. The second) T" J8 e8 L1 f. J; m
phase began with the U.S. Federal Reserve launching an1 B0 S: L3 M) i/ z' Q- k) Z
unconventional easing policy dubbed QE2 in September
b( \3 C( L# M2010. This action saw investors exit the dollar and scramble
2 j' a4 Q7 W& ~, E4 N/ M9 Lfor real assets ranging from property to commodities, credit# L+ ?7 S; K. D% q
and equities. As we near the end of this policy, prospects
. H+ M& f6 ~2 V# `& `1 d8 B( {for dollar stabilization grow; this would be helped through5 A$ E9 u3 H0 |* ~) W8 P, e
U.S. fi scal retrenchment and relief on the part of bond5 g4 W' z- {+ b; Z" k
markets. Given the success of the policy and the heightened
# Z* `5 t4 q) M+ M1 q: Muncertainties elsewhere, it may be time to move to a more
5 l; [; J9 K3 D3 g! Qneutral risk positioning. |
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