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本帖最后由 小曲 于 2011-6-8 14:55 编辑 ) ^7 s4 ~ X( g h; O, l
" V. m$ s3 i# Q% G$ o6 DSignature Market Roundup# m" J1 A" N' X! ~5 K
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, M3 x- P( l {* C2 sEric Bushell: h2 N9 F% L- P) v+ P: Y- B
Senior Vice-President,0 b% J5 T1 X5 v3 @$ d% v
Portfolio Management1 w3 s3 U0 j8 t- w) a6 A, e V
and Chief Investment Officer
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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。
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The second phase of the post-Lehman recovery in risky assets! M, c l" B0 W* Y# O: k, t) d
may be drawing to a close in April 2011. The fi rst phase' M+ h4 S1 j. N$ [
ran from March 2009 to April 2010 and was halted by the
- l' k7 _1 l) NEuropean sovereign crisis and a U.S. slowdown. The second
* V1 t: C- } m, ?. _" Vphase began with the U.S. Federal Reserve launching an
! X- @6 W9 i4 R' C) @7 @unconventional easing policy dubbed QE2 in September
5 h X; |# ~4 |! q Z2010. This action saw investors exit the dollar and scramble* s% O! E: m4 R& K Y2 R$ U. Q9 K
for real assets ranging from property to commodities, credit
8 F7 u" ^) Y. o* |' f3 ^and equities. As we near the end of this policy, prospects4 O5 o; y! l- D& j
for dollar stabilization grow; this would be helped through4 c) y6 _, b6 h7 x
U.S. fi scal retrenchment and relief on the part of bond+ T' Z, p0 _" Q
markets. Given the success of the policy and the heightened- i [( X2 q0 b1 h
uncertainties elsewhere, it may be time to move to a more8 K% K( {4 ?9 V- M; D1 v
neutral risk positioning. |
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发表于 2011-6-8 13:44
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