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本帖最后由 小曲 于 2011-6-8 14:55 编辑 4 |* Y* S6 q6 f: g" \2 H! w
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Signature Market Roundup
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Eric Bushell8 Q4 u% R |& }0 l: F
Senior Vice-President,
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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。% [0 |$ l, }: u) Z5 Q
6 v+ Z8 n1 r8 NThe second phase of the post-Lehman recovery in risky assets; k3 @% J, U) Y1 o& }; ?7 f& o
may be drawing to a close in April 2011. The fi rst phase, |7 U1 P+ g- k
ran from March 2009 to April 2010 and was halted by the2 e. r; E, z4 I$ q4 e1 A6 t' @
European sovereign crisis and a U.S. slowdown. The second! r- o- V. r2 d) o4 p1 x8 n
phase began with the U.S. Federal Reserve launching an; J) S. e! P0 V5 t" A* y
unconventional easing policy dubbed QE2 in September0 [' G, e; b# R, G
2010. This action saw investors exit the dollar and scramble/ i, I1 z7 @ d1 m6 L/ L
for real assets ranging from property to commodities, credit
3 F& P! w$ l; L/ f3 Hand equities. As we near the end of this policy, prospects
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$ H6 U$ Y! b( l8 i: n8 lU.S. fi scal retrenchment and relief on the part of bond+ u# Z8 w& C& |
markets. Given the success of the policy and the heightened/ D$ s; I; U# |6 {
uncertainties elsewhere, it may be time to move to a more6 _7 J9 j( _1 a5 ~9 }* w
neutral risk positioning. |
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