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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& b5 G( a& ^2 `( M9 H1 E1 v
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Eric Bushell# e2 A( G9 z: N/ `, L0 g! z' |+ \
Senior Vice-President,
$ \& Y# M6 ^2 A. TPortfolio Management
0 H+ k( r6 l! d0 {! G4 k$ land Chief Investment Officer* _1 ^3 J: F+ Y9 j* r6 `3 K" x1 O
1 q5 c# A6 S( l% r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。) H" ^4 Z2 B' p; t/ }! f; K
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The second phase of the post-Lehman recovery in risky assets# P: o7 B8 _' ? p7 J0 S+ c
may be drawing to a close in April 2011. The fi rst phase
4 E; ] d! c, fran from March 2009 to April 2010 and was halted by the
/ E* {8 E5 x. F' MEuropean sovereign crisis and a U.S. slowdown. The second% E+ z" N8 J* K: F5 u
phase began with the U.S. Federal Reserve launching an
1 L# V" J# ^+ S# N- Kunconventional easing policy dubbed QE2 in September4 h) }# B8 \& F
2010. This action saw investors exit the dollar and scramble
$ |* M- b% F: ]; P/ h* A. F6 ofor real assets ranging from property to commodities, credit
3 y u/ n; ^2 @9 Aand equities. As we near the end of this policy, prospects
( o. s( K( Y. H A# G5 Xfor dollar stabilization grow; this would be helped through( i& t8 }) @) o* l+ L8 ?. Q
U.S. fi scal retrenchment and relief on the part of bond# F9 T0 _& Q9 B
markets. Given the success of the policy and the heightened' e6 V/ N% y6 S7 ?* j' w1 e9 x9 O
uncertainties elsewhere, it may be time to move to a more- }2 U" A4 j* G# ^8 K8 G
neutral risk positioning. |
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发表于 2011-6-8 13:44
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