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本帖最后由 小曲 于 2011-6-8 14:55 编辑 " j( [& v% W! ?/ U* Y+ T
- C" y+ F9 o# K2 o% y+ D+ wSignature Market Roundup1 p% x6 T; A9 \ T, }8 i- R: Q" x
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Eric Bushell
9 [* `$ @3 B' A- V% RSenior Vice-President,
% Y/ g1 ?: t$ J3 U( XPortfolio Management3 k/ a2 O% s& s* W3 u
and Chief Investment Officer F, B4 i' T+ H. }
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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! D; w, u! u- @& z- m
may be drawing to a close in April 2011. The fi rst phase
9 Z: c/ R) b/ A5 q7 mran from March 2009 to April 2010 and was halted by the8 R. @7 z# N! b+ K
European sovereign crisis and a U.S. slowdown. The second
) o" ~" I" Y% t2 h1 d, B5 yphase began with the U.S. Federal Reserve launching an
; v0 ?0 e+ Z/ j( F! Q/ r: [. Junconventional easing policy dubbed QE2 in September
( l) [7 T, u+ p- d G7 b1 d2010. This action saw investors exit the dollar and scramble# M2 {+ c# W7 h T! M; t8 @
for real assets ranging from property to commodities, credit
+ ?6 E# H8 M* l3 {and equities. As we near the end of this policy, prospects
' g0 L6 ^2 S) m, n' I. Z. Ofor dollar stabilization grow; this would be helped through6 \0 C6 n, d3 y5 s$ h/ K
U.S. fi scal retrenchment and relief on the part of bond) o! m6 z t, D" X3 n
markets. Given the success of the policy and the heightened9 l3 U, J1 R) ?* Q
uncertainties elsewhere, it may be time to move to a more& `. L1 W/ G: o( {4 `
neutral risk positioning. |
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