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本帖最后由 小曲 于 2011-6-8 14:55 编辑 ' X. a: O2 F5 G% w
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Signature Market Roundup. m }+ A6 t/ k( M! q
! F7 k1 A5 h/ W$ H& }: |. }
9 s9 L+ E: F2 W1 REric Bushell
' n* \; t" V, K) K8 }' eSenior Vice-President,
& |5 _0 M$ { u% J, N! T3 v# ]Portfolio Management2 h; }; W1 h" W
and Chief Investment Officer: b9 S! Y1 G" I" O0 |/ F$ ]2 c3 L
0 H. a4 _& B+ O9 v- T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。8 j' h3 h" _# O
! ` u( z# D& X7 Q6 L% j; xThe second phase of the post-Lehman recovery in risky assets! Q! P- ?$ s" a" q
may be drawing to a close in April 2011. The fi rst phase
3 z$ Q6 ~5 _2 B$ Y$ o- K- }ran from March 2009 to April 2010 and was halted by the
+ d6 P+ y- `% ~- i3 i# {European sovereign crisis and a U.S. slowdown. The second1 X, s- L7 l* r. C9 O2 |- _) f
phase began with the U.S. Federal Reserve launching an4 N( A& i. P- n5 [4 d1 v
unconventional easing policy dubbed QE2 in September- M! N% ?) B* K2 w4 o
2010. This action saw investors exit the dollar and scramble
" J6 P1 m( `3 p5 p5 T" F- vfor real assets ranging from property to commodities, credit
& x2 y* n/ }1 O- x3 {and equities. As we near the end of this policy, prospects
) j0 A- L# q# r& u/ K5 H8 |1 bfor dollar stabilization grow; this would be helped through* K0 X1 Z2 d% g* f" R9 J
U.S. fi scal retrenchment and relief on the part of bond M* C; H9 `/ I! s
markets. Given the success of the policy and the heightened
+ Y9 k0 r- I# o% z* S6 \uncertainties elsewhere, it may be time to move to a more6 J) P+ V4 H M5 i$ K& D
neutral risk positioning. |
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发表于 2011-6-8 13:44
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