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本帖最后由 小曲 于 2011-6-8 14:55 编辑 0 x( ?; M" o# ]: e( X$ e
( u, _( l! Y) ~- S2 F* q- |0 bSignature Market Roundup1 @: l- W @. i6 v! K
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Eric Bushell$ I8 m( @) d$ u) q$ l6 s
Senior Vice-President,* k+ c7 H+ _- H0 x) t6 c
Portfolio Management! T& ~- S% g6 P [% z! |0 v% e7 C d
and Chief Investment Officer
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2 E) f* V+ e0 n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。7 e* X1 R1 @7 g, h# a
9 G" u! v! ?& P7 H& rThe second phase of the post-Lehman recovery in risky assets, O8 q8 S8 _! ?9 F6 ?6 p
may be drawing to a close in April 2011. The fi rst phase
2 t4 ~; T7 _+ l0 T# Z5 O- c/ Xran from March 2009 to April 2010 and was halted by the3 U4 c3 q' \/ |9 D0 r. ~. s
European sovereign crisis and a U.S. slowdown. The second
) d: s+ R7 V$ aphase began with the U.S. Federal Reserve launching an7 w. _# e3 n8 @1 n5 e V3 ^
unconventional easing policy dubbed QE2 in September9 {' P: K1 w) j. M1 m, O7 w
2010. This action saw investors exit the dollar and scramble3 s1 i9 n2 B* _* N- M" q
for real assets ranging from property to commodities, credit2 j' x8 ^0 F6 v: x7 C
and equities. As we near the end of this policy, prospects
6 J4 Y1 b5 P. _$ t) o6 H, A" bfor dollar stabilization grow; this would be helped through
. b' d) w6 p7 qU.S. fi scal retrenchment and relief on the part of bond
, l7 }" J, c ]0 p- v1 dmarkets. Given the success of the policy and the heightened
) F: z- ~( I( `uncertainties elsewhere, it may be time to move to a more
8 L5 z" k4 h5 o) u# gneutral risk positioning. |
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