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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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0 k! B( m- i, Z+ iSignature Market Roundup
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Eric Bushell0 m# c) C. Q' `. v6 m3 ~8 }& n
Senior Vice-President,
, @6 B7 b8 g4 K3 }# z; `- H5 tPortfolio Management. p- f, T$ j4 S" p
and Chief Investment Officer
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. U: [# c" z. T0 W; G* r' M9 |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。% z, O3 N) ]: r( ^
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The second phase of the post-Lehman recovery in risky assets
: ~ O7 k# J9 T/ O+ S1 v9 Ymay be drawing to a close in April 2011. The fi rst phase8 t* \. L: c% e! e& v: A
ran from March 2009 to April 2010 and was halted by the
: k% `( h; Q' V/ jEuropean sovereign crisis and a U.S. slowdown. The second( N5 C4 x3 W8 s8 S
phase began with the U.S. Federal Reserve launching an
' }2 h3 m# A1 i! s7 zunconventional easing policy dubbed QE2 in September
$ |! {2 B& U& |" ?2 m8 I& e2010. This action saw investors exit the dollar and scramble
6 d+ L3 M5 F/ ?" e+ X( V" D5 gfor real assets ranging from property to commodities, credit
0 ^8 c7 W- b* V( C `& I8 J7 jand equities. As we near the end of this policy, prospects/ l7 `2 M: }# ]1 z6 M
for dollar stabilization grow; this would be helped through
# w- p1 M( A* n6 K( ]U.S. fi scal retrenchment and relief on the part of bond, ]1 o/ \: y% X0 _9 V" I/ f& z
markets. Given the success of the policy and the heightened
8 T7 y" Y8 B, f% ?uncertainties elsewhere, it may be time to move to a more5 L$ R9 W0 `: {. T, c
neutral risk positioning. |
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