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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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Signature Market Roundup
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Eric Bushell
7 F; v$ ]- E% t1 z0 kSenior Vice-President,
0 V, [4 R( x& |% x8 N; T# G, P5 s" VPortfolio Management
5 K3 N" L& z; e# Fand Chief Investment Officer9 m* i* F! O4 G' d! E* r
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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。" h$ u9 a' x. r$ _% Q& u/ p% \
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The second phase of the post-Lehman recovery in risky assets8 G' U' k+ |0 x4 c! E
may be drawing to a close in April 2011. The fi rst phase
2 S. A. ]$ p1 o" r; O! W/ |! G6 Fran from March 2009 to April 2010 and was halted by the
7 ?" m4 @+ D! B' `1 EEuropean sovereign crisis and a U.S. slowdown. The second
: c' e6 G. T; ]; _3 I" s8 Sphase began with the U.S. Federal Reserve launching an' ^6 W; P/ o% t. o
unconventional easing policy dubbed QE2 in September! h2 @* M3 \; `1 s! p* w. o, p9 j
2010. This action saw investors exit the dollar and scramble
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8 S% K& s: A9 U1 R1 h9 Q) @and equities. As we near the end of this policy, prospects4 x* `" l2 j: }
for dollar stabilization grow; this would be helped through
3 t8 M) |9 l4 o# T3 tU.S. fi scal retrenchment and relief on the part of bond
1 o5 x5 r' O) H. h+ Gmarkets. Given the success of the policy and the heightened$ g! t- K9 c4 l
uncertainties elsewhere, it may be time to move to a more* J1 X3 E& D) w2 J/ U" C: T1 r2 e. J
neutral risk positioning. |
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