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本帖最后由 小曲 于 2011-6-8 14:55 编辑 . \: o5 J$ h' b5 n* F4 A3 d( \
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Signature Market Roundup
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' C$ x# ]% `0 I( `1 H) FEric Bushell: B0 s2 U/ O' _/ B0 c6 b
Senior Vice-President,+ M" b; M" q$ l) S
Portfolio Management' f+ S& c" Z6 D+ Z4 h
and Chief Investment Officer2 G. a& y# T0 R0 M3 o5 O& I: j0 J
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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。0 V: b' Y* K r5 G. W4 z3 U9 R# P
! x6 W* O8 ~; n7 }* Y% HThe second phase of the post-Lehman recovery in risky assets
- p) N9 K$ I- n1 F a4 a( Bmay be drawing to a close in April 2011. The fi rst phase
' l' H; W. k7 oran from March 2009 to April 2010 and was halted by the
) a) |% x/ O+ {8 S( lEuropean sovereign crisis and a U.S. slowdown. The second) U9 a5 ]) p2 P% w% T3 }: M, h& m
phase began with the U.S. Federal Reserve launching an" o" y9 r, M6 n4 B! U1 M
unconventional easing policy dubbed QE2 in September2 u5 }0 ? X! ]& C
2010. This action saw investors exit the dollar and scramble
" M. B# L9 R) n' X: O8 J4 Qfor real assets ranging from property to commodities, credit& y! @" y- h$ ~! m8 E. p5 z# Q/ ^' s
and equities. As we near the end of this policy, prospects
; q. t; N' M" ofor dollar stabilization grow; this would be helped through
9 S0 ^5 s4 U2 l* BU.S. fi scal retrenchment and relief on the part of bond
2 Z. w3 {8 ~- Y# R9 v4 f* O( X7 amarkets. Given the success of the policy and the heightened5 S, v2 C7 }, k; l
uncertainties elsewhere, it may be time to move to a more' O7 @ t0 c3 z" I! }3 ?
neutral risk positioning. |
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发表于 2011-6-8 13:44
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