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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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& B$ j4 s* }, Z- G" KSignature Market Roundup
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4 O3 { [ u1 Y0 V5 BEric Bushell! W1 y$ w5 H2 V" i5 u( r
Senior Vice-President,+ k. b6 L/ n5 s+ W! B* K9 u x9 Y
Portfolio Management+ `0 `$ k& S; e0 D( e5 q* V
and Chief Investment Officer' `9 U* ?6 y8 X' E
0 r/ b6 q( F$ A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
, y2 [; U3 {* @3 f) [4 ~# pmay be drawing to a close in April 2011. The fi rst phase
# C3 C0 d3 U& r; v1 J8 Mran from March 2009 to April 2010 and was halted by the
* ^ n- b6 x1 v3 B: r9 wEuropean sovereign crisis and a U.S. slowdown. The second* {$ i. V! }4 Y k" Z! R
phase began with the U.S. Federal Reserve launching an# F# P" Q2 @( _5 G5 t. |6 I& E
unconventional easing policy dubbed QE2 in September
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for real assets ranging from property to commodities, credit0 `* ~0 p5 ~$ b8 u; q$ L6 V
and equities. As we near the end of this policy, prospects% j& f3 r+ M- S7 y
for dollar stabilization grow; this would be helped through
+ _8 N" B E5 D7 k- rU.S. fi scal retrenchment and relief on the part of bond
/ ~9 u$ }8 ~/ h5 umarkets. Given the success of the policy and the heightened
: c7 @4 u7 ` h5 o6 u( C+ I0 guncertainties elsewhere, it may be time to move to a more0 j# V- V5 D; E3 Q7 E. I, h3 {
neutral risk positioning. |
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