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本帖最后由 小曲 于 2011-6-8 14:55 编辑 $ O0 O( b/ |, _, z1 m
( g7 B$ \! j; m, i0 jSignature Market Roundup, Y. w) Z5 I8 z+ I
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Eric Bushell
$ L4 A1 M4 N+ |' SSenior Vice-President,3 I* K' u1 f/ A
Portfolio Management2 D/ v$ w' F2 z
and Chief Investment Officer
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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。" i S7 g" w6 ^
' d! f% |" J2 u- a/ U$ FThe second phase of the post-Lehman recovery in risky assets
- J5 P9 T$ p2 l; u( `; w7 Xmay be drawing to a close in April 2011. The fi rst phase5 U* b, N8 \- T7 q
ran from March 2009 to April 2010 and was halted by the7 j: A8 | V; B y" C
European sovereign crisis and a U.S. slowdown. The second. o, h3 ]6 T; c% K+ n5 h R4 g5 ]2 j# M
phase began with the U.S. Federal Reserve launching an9 @% r. {1 n8 L$ U2 a
unconventional easing policy dubbed QE2 in September2 B2 F, L/ A5 p/ M; ^
2010. This action saw investors exit the dollar and scramble# z$ r' y# \' A) M
for real assets ranging from property to commodities, credit) f" O) Q) z, U+ c V: x
and equities. As we near the end of this policy, prospects
7 W) q. h/ D: I1 Ifor dollar stabilization grow; this would be helped through
* E9 D# u/ [' D2 V5 r& K$ cU.S. fi scal retrenchment and relief on the part of bond1 E8 {3 C: r' v
markets. Given the success of the policy and the heightened% G4 I$ E! s# G! b- _
uncertainties elsewhere, it may be time to move to a more
u% q4 V6 m V: k, c; F Mneutral risk positioning. |
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发表于 2011-6-8 13:44
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