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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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6 f4 g- G* c; vSignature Market Roundup$ I) ]3 X2 j8 F, Z% @% W
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Eric Bushell$ J$ O) [, M) Q1 g
Senior Vice-President,% Q) h- |+ ^2 T% Z) a3 F" h' _
Portfolio Management; ^5 p, F N6 n0 ^* `
and Chief Investment Officer9 P: l& R; m; N% `( ~3 d; U
6 ^* d% a! l, R: `% ^, w e4 K9 ]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。/ f" ?9 Y( G$ G/ I7 ~" e, ?" P3 p* K
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The second phase of the post-Lehman recovery in risky assets
2 ~$ x0 x3 J7 @% N' }7 \5 Mmay be drawing to a close in April 2011. The fi rst phase
' F0 u6 Z, e; M/ P- K3 z' G% T6 eran from March 2009 to April 2010 and was halted by the
2 {$ K% w: C2 r- i9 r% DEuropean sovereign crisis and a U.S. slowdown. The second
' L4 l4 s4 R2 y% N- o$ K7 R) aphase began with the U.S. Federal Reserve launching an
4 X6 V1 w! O2 w) [- B) D& ^: Yunconventional easing policy dubbed QE2 in September7 U9 V5 s* f" ]1 x0 s0 V
2010. This action saw investors exit the dollar and scramble
9 S& C) ] x! k( c3 D/ O' vfor real assets ranging from property to commodities, credit
( h5 K- ~; z& p3 |- H0 k0 ~1 Wand equities. As we near the end of this policy, prospects
2 _, N! O+ ~* l7 w) bfor dollar stabilization grow; this would be helped through
1 `! \5 z: H- `" l- pU.S. fi scal retrenchment and relief on the part of bond; k' _' s! u5 k' x7 z4 M0 ?
markets. Given the success of the policy and the heightened/ q# X# {( U4 d1 g/ ]
uncertainties elsewhere, it may be time to move to a more" B# V7 ]0 h4 H
neutral risk positioning. |
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发表于 2011-6-8 13:44
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