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本帖最后由 小曲 于 2011-6-8 14:55 编辑 # K- ?2 {( F1 _9 Q! H
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Signature Market Roundup
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" r8 M/ y y, [2 d+ F1 r1 c) h% `3 h. fEric Bushell b# Q1 h% k. t. d9 _" a
Senior Vice-President,! d. I7 c) g4 N' {4 U: T$ e& a: }
Portfolio Management
9 K3 F& R& s0 `5 `; p( e' nand 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
( O5 F/ c, Q* s5 { nmay be drawing to a close in April 2011. The fi rst phase
2 H. U; g) h; t9 @7 _5 vran from March 2009 to April 2010 and was halted by the" M- p6 N4 R. D1 n/ f
European sovereign crisis and a U.S. slowdown. The second$ f% S" x# l( M' G/ Q
phase began with the U.S. Federal Reserve launching an. W! l: A+ M$ m4 e( {3 ?2 \
unconventional easing policy dubbed QE2 in September
8 b( o/ J: P# w T2010. This action saw investors exit the dollar and scramble6 Y0 Y& [8 f" E2 i
for real assets ranging from property to commodities, credit: l" j, }+ \% R/ Z1 F7 a6 V
and equities. As we near the end of this policy, prospects- I9 e+ Y/ n( p1 l; v- d3 k- D
for dollar stabilization grow; this would be helped through2 W, ^: n6 B( e! Q, K( m# c
U.S. fi scal retrenchment and relief on the part of bond
T; }8 L- e8 E; y+ H; q" [9 I3 Lmarkets. Given the success of the policy and the heightened w: i. U/ ~" s: F( \5 B+ K
uncertainties elsewhere, it may be time to move to a more
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