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本帖最后由 小曲 于 2011-6-8 14:55 编辑 ; G j! p- U$ b
% q; C, T9 V0 W% r! O3 HSignature Market Roundup
9 _$ Y o4 e3 k- f7 _% P* Z( r+ W" |$ L, v" M' l
4 k& T) p$ {9 z$ {Eric Bushell
7 p' Y- c0 |4 d) BSenior Vice-President,' M2 J! T% P3 u* _. Q/ H2 I9 E
Portfolio Management
3 ?! Q2 l/ g+ G5 ^( yand Chief Investment Officer
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! j" E# ~: |3 Z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。2 H" v+ s. q- a9 j4 r; O
5 ]% s! m+ {6 |+ f$ C8 F' ^The second phase of the post-Lehman recovery in risky assets
9 H3 j" y/ w' q: z! `may be drawing to a close in April 2011. The fi rst phase) N2 h6 t1 Q' N7 K1 f
ran from March 2009 to April 2010 and was halted by the6 l5 y7 N E6 y' ]5 l
European sovereign crisis and a U.S. slowdown. The second
* ?" Z C7 n' q( E J: Kphase began with the U.S. Federal Reserve launching an+ b' [ c) j% O7 y4 \* L% n+ j- B4 j
unconventional easing policy dubbed QE2 in September
5 X3 w# O# J4 ^& @5 B2010. This action saw investors exit the dollar and scramble, K7 k5 X/ U, r9 o: r, G4 S# I
for real assets ranging from property to commodities, credit
# F6 m, Y3 T! c: o& C3 o6 c9 Aand equities. As we near the end of this policy, prospects% @! ]$ e: M' }5 k
for dollar stabilization grow; this would be helped through* V1 W) I1 `8 X& `
U.S. fi scal retrenchment and relief on the part of bond& e0 w; x* @& r. B4 A+ ?
markets. Given the success of the policy and the heightened
# c1 ^/ r6 D/ E- B6 euncertainties elsewhere, it may be time to move to a more' V8 Z/ O; b$ m
neutral risk positioning. |
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