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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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( _: A) u& u% t7 g: bSignature Market Roundup
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( ]3 b% `" ~4 T' DEric Bushell1 A/ M# l9 S9 I
Senior Vice-President,* A, D: p7 n1 L9 k
Portfolio Management6 d4 E, j* `. a" j
and Chief Investment Officer- z: V" g/ o. Q! N: H; L% ]( ~0 Z
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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。- T, }3 ]1 c1 R! F
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The second phase of the post-Lehman recovery in risky assets. ~# {9 J, i% H# J( r
may be drawing to a close in April 2011. The fi rst phase- Z& ~8 Y/ r6 a: |$ i
ran from March 2009 to April 2010 and was halted by the
6 K m% p3 E( ]European sovereign crisis and a U.S. slowdown. The second* p2 i6 _, _, K, K6 D0 b% C
phase began with the U.S. Federal Reserve launching an) M2 D f2 B5 s+ X# F- Q' }
unconventional easing policy dubbed QE2 in September' g+ Q1 G9 B4 F3 p/ i
2010. This action saw investors exit the dollar and scramble; \ r: h3 W/ P0 {% B
for real assets ranging from property to commodities, credit7 {$ G! C' t; _; Y }
and equities. As we near the end of this policy, prospects
" P- c8 D$ k0 h+ T" J8 ^; I" @for dollar stabilization grow; this would be helped through
' y; ~( l+ h A7 m& yU.S. fi scal retrenchment and relief on the part of bond
, x" u' c! X8 K% V$ Pmarkets. Given the success of the policy and the heightened
: g' P0 S- E# Z/ ?" D6 G' Huncertainties elsewhere, it may be time to move to a more
; j8 `6 v* [/ [9 d" ]neutral risk positioning. |
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发表于 2011-6-8 13:44
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