 鲜花( 3)  鸡蛋( 0)
|
本帖最后由 小曲 于 2011-6-8 14:55 编辑
3 Q2 `7 `1 U& }7 n8 @3 ~ Y+ S
9 f6 r' u8 H7 c7 _9 xSignature Market Roundup& a# o. K- v% V' R- M
7 m3 A0 ^8 p$ N8 U1 {" r B: W
! r J6 I8 L" P3 D0 z& c# p0 ]- e
Eric Bushell
- L( m+ f( v3 i( XSenior Vice-President,8 b& L, f4 |, p9 _
Portfolio Management
v% S C! y3 D& y0 l% k6 M" vand Chief Investment Officer
5 Z$ n0 a- ^& {, g- w: B: i& ^. P
5 [ Y6 T* C7 G `* R$ 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。8 ]' x# Q$ [ Q/ M7 }7 n$ |) m
8 R* k, U' x: l4 f8 `! qThe second phase of the post-Lehman recovery in risky assets; U7 {4 S0 b/ m$ g
may be drawing to a close in April 2011. The fi rst phase3 I" ]. H$ B; z% \
ran from March 2009 to April 2010 and was halted by the; R! c& y( ?0 ]
European sovereign crisis and a U.S. slowdown. The second
- o& E4 L1 Y0 n W# ephase began with the U.S. Federal Reserve launching an9 J( `5 E7 L2 @5 E" K* S
unconventional easing policy dubbed QE2 in September
* m$ x0 W8 v( Q6 d, ~) n! `5 E& W2010. This action saw investors exit the dollar and scramble/ |/ \& f: g; H W6 n! x
for real assets ranging from property to commodities, credit+ C- U& O$ m) u4 F9 N1 k6 S: l
and equities. As we near the end of this policy, prospects+ c( ~; ~0 X0 j C" ^* x: x
for dollar stabilization grow; this would be helped through
1 }1 n, N) o; Q7 y2 G7 ZU.S. fi scal retrenchment and relief on the part of bond
7 h) e3 ]. z& N4 `markets. Given the success of the policy and the heightened
, T1 U1 z) G" E8 V0 d' `& \uncertainties elsewhere, it may be time to move to a more
5 Q, X; d# X. T8 Z- p- L5 A- Kneutral risk positioning. |
|