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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* r) K# J3 ~( I- L
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5 ]& @. g" G5 i% f3 g: ?! k2 E# vEric Bushell
: F2 L' z+ h4 V1 JSenior Vice-President,4 [, X/ E, {* ~+ y# Q( ]
Portfolio Management
6 u9 v ~6 G4 t; g7 _% W5 Zand Chief Investment Officer
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4 w. N4 Y+ E) g& H. f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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The second phase of the post-Lehman recovery in risky assets( R- A% N. M/ ~
may be drawing to a close in April 2011. The fi rst phase* ^5 [; S2 E; K5 B( E8 C( g
ran from March 2009 to April 2010 and was halted by the
/ x& a: ^& {$ h9 Z* K6 m% ^ Y' l; g0 HEuropean sovereign crisis and a U.S. slowdown. The second2 J/ Z8 p& X1 g# c$ g, M
phase began with the U.S. Federal Reserve launching an, J# y! ]0 Q% `/ Z
unconventional easing policy dubbed QE2 in September5 w. M% z( F" u$ b5 I4 Y- M4 ]( J! n
2010. This action saw investors exit the dollar and scramble0 u. c3 y: P$ Q: K! o$ O1 f) y
for real assets ranging from property to commodities, credit O2 [ S5 E2 ?6 v s* } ?
and equities. As we near the end of this policy, prospects
3 W: O% F' p! c& Y9 ffor dollar stabilization grow; this would be helped through
, j4 Y0 Q1 w. wU.S. fi scal retrenchment and relief on the part of bond
g% g( C! W6 \& Gmarkets. Given the success of the policy and the heightened
' Z* h, i- [& d; s8 n# iuncertainties elsewhere, it may be time to move to a more$ m5 [: O0 F: T& F8 `
neutral risk positioning. |
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