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本帖最后由 小曲 于 2011-6-8 14:55 编辑 2 O% i$ ?: n+ @! L
3 _6 e, \: z- a7 _ M( H; w& |. RSignature Market Roundup1 |$ _% R1 H: i$ U* c* e& E
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Eric Bushell
) I9 h+ n% P4 y% b/ fSenior Vice-President,
# H' Q7 P( s* Q6 |Portfolio Management
# Q4 m/ N0 k6 V2 U' z, zand Chief Investment Officer" |: W6 j- ]3 b
2 U0 A' w) |1 @9 p' F6 B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。/ l/ z; ~3 y8 K* w/ z' t! N, H
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The second phase of the post-Lehman recovery in risky assets
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ran from March 2009 to April 2010 and was halted by the1 Y# Y* u5 ?8 W
European sovereign crisis and a U.S. slowdown. The second: p3 @* @0 Q7 j! O/ t6 {; H9 ~; \
phase began with the U.S. Federal Reserve launching an
* P O+ y/ Z" ~! V) r% K; G. Q/ lunconventional easing policy dubbed QE2 in September( k3 X' |& P1 q: d
2010. This action saw investors exit the dollar and scramble
* `. q0 g: \7 m5 ~( c, pfor real assets ranging from property to commodities, credit
1 N: B+ k4 i* h) Eand equities. As we near the end of this policy, prospects
3 C& N' ~8 t7 ofor dollar stabilization grow; this would be helped through4 j; y0 R/ _4 s2 Y* ]+ Q1 j3 m
U.S. fi scal retrenchment and relief on the part of bond2 s, i4 F$ |6 T1 b. P) o. i2 ]* G
markets. Given the success of the policy and the heightened
# I2 T% j1 f/ ~; r: Z& R! y$ [uncertainties elsewhere, it may be time to move to a more0 |7 C. `* |$ s1 ~, p" y- w
neutral risk positioning. |
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