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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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2 L' ~: @7 Q) o& aSignature Market Roundup
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6 s* D) v( m* T- [Eric Bushell i$ u; {* ^% O0 ^
Senior Vice-President,4 l; d* L9 J5 g0 o% B
Portfolio Management) p$ V! ^' @! R8 ]' R% L' x- T" A: y6 V
and Chief Investment Officer! s$ F" x5 x! E% Z7 m8 _2 Z1 G; 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。% _: @ }' j6 z) s; M g
. p6 s, X9 p2 ^; NThe second phase of the post-Lehman recovery in risky assets
1 M" t& L/ I- z' y6 Z |( ^may be drawing to a close in April 2011. The fi rst phase9 n# Y8 i0 h; o
ran from March 2009 to April 2010 and was halted by the
; o) ?# R& T/ Y( K2 y! g' sEuropean sovereign crisis and a U.S. slowdown. The second) ?* c1 I5 ~. v( B' h
phase began with the U.S. Federal Reserve launching an
& [0 {: n; z( X+ r4 B! Uunconventional easing policy dubbed QE2 in September
! @2 C' @2 P2 _2010. This action saw investors exit the dollar and scramble8 o" z7 V, Y* @6 J1 {
for real assets ranging from property to commodities, credit
8 _9 M) Q G M* n2 y l" Dand equities. As we near the end of this policy, prospects
1 k, Q i4 C) c0 i1 S9 i3 H9 Sfor dollar stabilization grow; this would be helped through' a/ b/ |4 V6 U( {8 `
U.S. fi scal retrenchment and relief on the part of bond
8 W7 z6 |$ T% y1 e% H: Bmarkets. Given the success of the policy and the heightened! g# w* r8 E5 Z3 q" m+ u/ }
uncertainties elsewhere, it may be time to move to a more% D4 \# ]0 D# u5 t. L
neutral risk positioning. |
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