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本帖最后由 小曲 于 2011-6-8 14:55 编辑 3 B6 _. `5 f) L, P# v
. u6 ^+ i$ ]1 LSignature Market Roundup
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Eric Bushell
4 L* `( s9 M% \$ zSenior Vice-President,
7 [2 L" Q5 f/ w9 [6 u$ B+ z' ~Portfolio Management; `+ Q5 P! ^& s# Z0 h0 h
and Chief Investment Officer$ ?6 ?) l5 S0 i1 T2 i
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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。3 k9 a$ z9 T5 p# \/ Y$ C# v7 J3 `, S
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The second phase of the post-Lehman recovery in risky assets H5 K% U8 f: I
may be drawing to a close in April 2011. The fi rst phase0 d4 \7 m3 r5 k) t/ J: H
ran from March 2009 to April 2010 and was halted by the% |; k M5 c. g: k o9 e& a/ g. z
European sovereign crisis and a U.S. slowdown. The second
: m& f3 W0 y/ o# k9 `phase began with the U.S. Federal Reserve launching an
, V/ K& _! e' K1 t( D G4 }unconventional easing policy dubbed QE2 in September
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for real assets ranging from property to commodities, credit6 z" f- |) h5 u1 S; ?& a
and equities. As we near the end of this policy, prospects1 k/ }% S2 P4 k `: x* O$ o4 a
for dollar stabilization grow; this would be helped through
, L1 Q$ x2 Q. w. d0 UU.S. fi scal retrenchment and relief on the part of bond3 L: f9 X% E, U c% j, E# }
markets. Given the success of the policy and the heightened8 z# k) w u y6 ^: R( @7 R* R
uncertainties elsewhere, it may be time to move to a more. W+ z2 n4 @4 q! v
neutral risk positioning. |
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发表于 2011-6-8 13:44
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