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本帖最后由 小曲 于 2011-6-8 14:55 编辑 ) R Z5 U4 Q& J3 s+ H. d$ o
( h4 j9 A P; b4 ?8 gSignature Market Roundup0 U6 V7 \6 f( @; }1 g5 |, M+ b' m
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Eric Bushell
2 W( ]8 [ y" U0 zSenior Vice-President,
' O% z" M: Z' D oPortfolio Management
7 W' A: F6 c. V+ v6 b! K: Xand 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 assets0 [% W6 T6 y0 {0 C9 f
may be drawing to a close in April 2011. The fi rst phase
- {) D' P1 o9 \ran from March 2009 to April 2010 and was halted by the; R, J$ E3 Q/ p
European sovereign crisis and a U.S. slowdown. The second
. P- i( j E" Y7 H7 r8 sphase began with the U.S. Federal Reserve launching an2 D5 c' U, c9 C# F& `! f7 d* l
unconventional easing policy dubbed QE2 in September1 A1 B$ a8 R: h
2010. This action saw investors exit the dollar and scramble( W0 H, o: c( F6 _
for real assets ranging from property to commodities, credit% Y1 |: |1 e8 a" b5 o( i( h
and equities. As we near the end of this policy, prospects$ r Z) w* ~7 l+ g) V2 U7 e
for dollar stabilization grow; this would be helped through
! E- Z$ C. J# Y; Y4 ^5 h) Y$ LU.S. fi scal retrenchment and relief on the part of bond
7 E' c8 r4 F9 S4 `0 e# K5 U7 kmarkets. Given the success of the policy and the heightened
. _" y$ r" i' W+ `9 ~3 h% ^7 Buncertainties elsewhere, it may be time to move to a more
' `4 U0 D3 ?( r0 `/ ]- P* Rneutral risk positioning. |
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