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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( }4 m% L% B2 f0 Z+ a
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Eric Bushell
3 O- K! I) g6 x" I g( A5 `0 QSenior Vice-President,
2 I& N3 y0 ]: @" M, D, l3 _7 }Portfolio Management4 U3 C& C- c# |- {8 C0 R
and Chief Investment Officer+ T0 |' p7 w7 d: D$ y% R
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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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9 {/ S, y) | |$ rThe second phase of the post-Lehman recovery in risky assets
6 _4 q, C2 d: e5 Emay be drawing to a close in April 2011. The fi rst phase1 p3 {, V8 U A6 ?9 R
ran from March 2009 to April 2010 and was halted by the* u( b2 e7 J5 |
European sovereign crisis and a U.S. slowdown. The second
/ ?- z4 ~2 u$ Tphase began with the U.S. Federal Reserve launching an
+ @, C4 b' i2 ^unconventional easing policy dubbed QE2 in September9 |4 [; z4 ]% _5 c* {
2010. This action saw investors exit the dollar and scramble2 H* ~& t: [ W) E. y5 g V, Z# A* c3 V
for real assets ranging from property to commodities, credit
' t( e1 V' Z6 }2 s; xand equities. As we near the end of this policy, prospects
. A# b: C4 C$ L8 |; xfor dollar stabilization grow; this would be helped through/ n' @5 Y K0 h% A
U.S. fi scal retrenchment and relief on the part of bond9 y* P& L; B# ~% Y+ b
markets. Given the success of the policy and the heightened! R" }9 I4 \9 Q- z2 a
uncertainties elsewhere, it may be time to move to a more
. ]1 }* z# W8 [3 E5 E/ { N1 wneutral risk positioning. |
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