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本帖最后由 小曲 于 2011-6-8 14:55 编辑 " E0 I- o( Q+ z9 E
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Signature Market Roundup
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- w: Z) b. |; x' F# r$ Y( r$ KEric Bushell
; F0 Z" v( F7 iSenior Vice-President,; L: F& a& X9 s4 `4 ~) h2 ?
Portfolio Management
F6 y( ]5 v$ c) R, w0 Yand Chief Investment Officer9 x8 W- c/ i# r! e
% y( s, s5 I* u" O! D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。: b$ S+ U; V5 H5 e4 f* [, H
% w3 S' m$ U2 v% UThe second phase of the post-Lehman recovery in risky assets
& q$ v6 J! R- Y3 |& E, b( fmay be drawing to a close in April 2011. The fi rst phase) D! p1 A8 f9 A6 P/ L
ran from March 2009 to April 2010 and was halted by the
# f" S) x' ^1 K/ g1 K6 cEuropean sovereign crisis and a U.S. slowdown. The second: |; j1 X3 h# T
phase began with the U.S. Federal Reserve launching an* ^$ r5 y. B, Z8 ^0 y V8 e) m
unconventional easing policy dubbed QE2 in September, v9 T0 A( h" }3 A6 [$ c2 p
2010. This action saw investors exit the dollar and scramble0 C, L0 ?, K$ m8 J) e/ g" N$ g
for real assets ranging from property to commodities, credit
; F* o: l: ^6 M: C0 h* e/ p+ y& ^and equities. As we near the end of this policy, prospects
8 C1 W" H1 o. a9 A: V, B6 kfor dollar stabilization grow; this would be helped through3 x: O/ J/ t6 W+ X
U.S. fi scal retrenchment and relief on the part of bond0 ^8 L$ @# @( Q
markets. Given the success of the policy and the heightened
: @/ u9 q* V L8 E2 l! zuncertainties elsewhere, it may be time to move to a more
: v* X/ _- x* V2 z1 Q, Dneutral risk positioning. |
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