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本帖最后由 小曲 于 2011-6-8 14:55 编辑 4 R, ~. J9 C' R( `6 I U
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Signature Market Roundup9 J: L' O, R0 T# X# V. I
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Eric Bushell
4 }# D% [: r" A7 `2 }Senior Vice-President,
: [9 J) U- O3 v( CPortfolio Management
; f. ]0 W' \3 E+ Iand Chief Investment Officer& f' k2 C" `- w8 Z* r
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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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/ B" j/ G/ N M5 QThe second phase of the post-Lehman recovery in risky assets7 ]0 y0 T' K5 F+ ^. G) D
may be drawing to a close in April 2011. The fi rst phase0 g9 `3 F2 i$ q+ ~* _ x, N* E
ran from March 2009 to April 2010 and was halted by the2 g! f; }2 q" ]4 \4 G$ t" `
European sovereign crisis and a U.S. slowdown. The second
( `, e6 H( M [# e( I8 D9 H) `: Vphase began with the U.S. Federal Reserve launching an4 k/ U* R7 _, q+ p( e9 V. y/ D, o
unconventional easing policy dubbed QE2 in September
+ N [: W( j4 }5 E/ {2010. This action saw investors exit the dollar and scramble4 \4 N( I3 C' _
for real assets ranging from property to commodities, credit0 B1 l6 i1 ^6 n. {! m3 U
and equities. As we near the end of this policy, prospects
! y4 K" i" L2 u! y) B/ d2 |* Afor dollar stabilization grow; this would be helped through
/ q& L9 B& y, b+ w: t3 V1 h- Q7 e! tU.S. fi scal retrenchment and relief on the part of bond8 i0 Q) A6 `. o8 x `
markets. Given the success of the policy and the heightened
/ ?* E" K& I T' D- Euncertainties elsewhere, it may be time to move to a more/ v- H* [% I6 V# u
neutral risk positioning. |
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