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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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Signature Market Roundup* n8 i4 q4 o, t8 ~
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Eric Bushell0 f; v/ G! [% J5 n' ?5 W
Senior Vice-President,0 | }% S/ C; V! V' E% a$ h; S' ~% a
Portfolio Management
. t& G0 ^# a$ y/ o5 R6 wand Chief Investment Officer1 ]" W0 }& x# t) Y+ v
6 T) o+ q! P( G1 g, t) w, w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。4 y6 l% H1 k+ h& V
: r; j0 \5 {; z/ o( w* KThe second phase of the post-Lehman recovery in risky assets, v+ @2 e8 f: T& _5 A$ m
may be drawing to a close in April 2011. The fi rst phase# d0 p7 v3 m! Z- K: [% W; R
ran from March 2009 to April 2010 and was halted by the
. I9 k) u7 {! KEuropean sovereign crisis and a U.S. slowdown. The second
" S% h6 D3 u6 A$ k. cphase began with the U.S. Federal Reserve launching an# z9 l' T3 v' l& K" E
unconventional easing policy dubbed QE2 in September' Z% y) r% |/ _' v
2010. This action saw investors exit the dollar and scramble
3 P( G' c4 `1 n' f( v- a2 ]8 Mfor real assets ranging from property to commodities, credit# P! \' u5 a% ~, @' O! j! n
and equities. As we near the end of this policy, prospects1 ~/ b: N$ O; r: u& `$ T) Y
for dollar stabilization grow; this would be helped through
h- p* e# Q9 UU.S. fi scal retrenchment and relief on the part of bond1 |& p' y |% ]# I' I- t: {1 n: J
markets. Given the success of the policy and the heightened
+ e3 u, d! L7 E5 t4 T4 xuncertainties elsewhere, it may be time to move to a more" V8 p( ?: T' T4 M
neutral risk positioning. |
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发表于 2011-6-8 13:44
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