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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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V0 a" K- c. YSignature Market Roundup
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) P5 ]! x8 N h- |+ H' ~" |Eric Bushell
4 l2 W) Z$ O( `Senior Vice-President,
; p( `$ s6 p) @; ~3 J6 FPortfolio Management7 e2 S* ]4 {- c
and Chief Investment Officer
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% T* v6 q0 J# D+ [/ Q6 B4 q: l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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; y5 H2 z p* oThe second phase of the post-Lehman recovery in risky assets3 d q" `' J! A% C2 |2 i
may be drawing to a close in April 2011. The fi rst phase K/ q T6 I5 r$ P, x
ran from March 2009 to April 2010 and was halted by the
2 {. E; ]7 k FEuropean sovereign crisis and a U.S. slowdown. The second% R) G8 O8 j% G# u
phase began with the U.S. Federal Reserve launching an
+ j# J$ F6 j8 N W8 \unconventional easing policy dubbed QE2 in September
/ `1 q! \% k; _$ A8 K( v9 T! W2010. This action saw investors exit the dollar and scramble
; N0 m2 b! Y6 w y) U9 Cfor real assets ranging from property to commodities, credit# s ]1 m& T% J8 V6 |
and equities. As we near the end of this policy, prospects
: F0 f" P# ^- L) }/ {for dollar stabilization grow; this would be helped through8 S: A. X; c m7 B4 U
U.S. fi scal retrenchment and relief on the part of bond
/ c' l/ x; a! {markets. Given the success of the policy and the heightened0 l3 w9 z! ^3 q0 l
uncertainties elsewhere, it may be time to move to a more$ q# @* a6 o! x" |
neutral risk positioning. |
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