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本帖最后由 小曲 于 2011-6-8 14:55 编辑 1 b4 k5 u. ^0 g5 @" B
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Signature Market Roundup
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Eric Bushell& [. p' u: H7 o6 R. ?# H: V; T: H
Senior Vice-President,1 E, Z9 B& z# p
Portfolio Management
( ~6 f0 G# f/ Z- ]$ I8 N, `, ]and Chief Investment Officer; w' X9 g, y6 C; ^, K
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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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The second phase of the post-Lehman recovery in risky assets
* b% M! Z8 y% Q2 {$ ?- Qmay be drawing to a close in April 2011. The fi rst phase, V a7 |/ O* X
ran from March 2009 to April 2010 and was halted by the! V+ v! |$ r# P3 E
European sovereign crisis and a U.S. slowdown. The second/ Y. z. E. c' i3 C) [$ |
phase began with the U.S. Federal Reserve launching an
9 C4 p" v: V$ D2 H5 E; {0 ]unconventional easing policy dubbed QE2 in September
# C$ E+ E, J+ ^; O9 I2010. This action saw investors exit the dollar and scramble
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and equities. As we near the end of this policy, prospects
# R# |' x8 Z* ?- ~1 r) Ffor dollar stabilization grow; this would be helped through
# D0 |# X/ X5 A b0 ^U.S. fi scal retrenchment and relief on the part of bond" G: o- F: `- V1 y1 F$ L
markets. Given the success of the policy and the heightened
, G) P- b {3 K% f# n$ E+ {7 V8 uuncertainties elsewhere, it may be time to move to a more
/ y2 s9 A$ [8 K6 ]3 X: ^# Cneutral risk positioning. |
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发表于 2011-6-8 13:44
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