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本帖最后由 小曲 于 2011-6-8 14:55 编辑 , H7 R( r0 |4 m9 R6 G) e- g
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Signature Market Roundup
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Eric Bushell; ]5 Q7 F) I' @# h& a! C9 l/ O
Senior Vice-President,% J* `# i5 K; t( I) ^7 F
Portfolio Management
2 N* G/ e; |2 j( h- S$ V. ?and Chief Investment Officer
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7 Z5 [- J% v& Y* f6 O; g+ @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。2 a, |4 J. x( V( Q0 Y. |4 F2 Y
+ S4 p; Z" D. }& T% \* U5 vThe second phase of the post-Lehman recovery in risky assets/ E2 {8 B* W( C1 ^
may be drawing to a close in April 2011. The fi rst phase
: H" F3 T& y6 O, hran from March 2009 to April 2010 and was halted by the
4 f2 v9 T1 T# n% MEuropean sovereign crisis and a U.S. slowdown. The second8 M( v! L9 F( v6 a; T
phase began with the U.S. Federal Reserve launching an
5 {2 S% ~+ s: D) S' |* m( c7 A% ~unconventional easing policy dubbed QE2 in September- n5 S6 `9 l; K8 t+ \) v
2010. This action saw investors exit the dollar and scramble% F: p! _# e6 S0 w' A3 x
for real assets ranging from property to commodities, credit: t6 r i: w0 R" C2 F) n( g
and equities. As we near the end of this policy, prospects) \- x( T1 X3 _' {: b
for dollar stabilization grow; this would be helped through& m \9 l' g. p
U.S. fi scal retrenchment and relief on the part of bond
, O5 Q3 j2 I+ r6 emarkets. Given the success of the policy and the heightened
+ x* H0 B+ G, k7 _7 _( m! n& d7 k( Uuncertainties elsewhere, it may be time to move to a more7 b' J" b( v. M$ z% N
neutral risk positioning. |
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