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本帖最后由 小曲 于 2011-6-8 14:55 编辑 * b f7 ?; y9 X
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Signature Market Roundup
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% s9 {6 L7 y, IEric Bushell
3 o. Q% F% i: `7 R0 ^Senior Vice-President,0 G9 L' S; q/ d
Portfolio Management
8 J0 n2 ]% i; x. v8 |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 assets5 ~( D j* T# V" s' J& y; G/ I, x
may be drawing to a close in April 2011. The fi rst phase; F: M- M3 ` d0 ]2 [
ran from March 2009 to April 2010 and was halted by the
' p, q, J! O3 t" \. ?% rEuropean sovereign crisis and a U.S. slowdown. The second
# Y2 w+ R9 s4 S( _* Iphase began with the U.S. Federal Reserve launching an
4 o$ B! K2 L! P/ i% \unconventional easing policy dubbed QE2 in September
/ z/ q+ s8 ~% y; A' J& |( I2010. This action saw investors exit the dollar and scramble
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/ L3 j$ Z2 ?9 R7 {, g! ?# n: j/ M8 [and equities. As we near the end of this policy, prospects. v' P# ]0 j- j' k! K* |( _) A
for dollar stabilization grow; this would be helped through# ], C6 x! L' \7 J" R6 {! \
U.S. fi scal retrenchment and relief on the part of bond
6 e2 g/ { f8 j! Vmarkets. Given the success of the policy and the heightened7 E5 n( L% r$ i: g# S4 Y
uncertainties elsewhere, it may be time to move to a more( [9 E2 m/ _' a8 W' x$ v
neutral risk positioning. |
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