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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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- u3 v) [; j" S! NSignature Market Roundup2 G1 U4 o& Y8 |
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Eric Bushell
: H; \3 A W$ V X+ p* O; H6 _Senior Vice-President,3 V( f8 H0 l; W5 H" u( y
Portfolio Management4 a9 p e8 q* U K% k4 W
and Chief Investment Officer& V6 ?0 |( T4 i+ i, Y% Z
4 u# X/ e+ ~9 E) t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。
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/ Q2 u9 z' l" n Y& CThe second phase of the post-Lehman recovery in risky assets3 C) c7 E, S% ?# w ~
may be drawing to a close in April 2011. The fi rst phase
/ c* V8 K: Q" a/ e0 \3 Nran from March 2009 to April 2010 and was halted by the
- P- D9 `( V; g# sEuropean sovereign crisis and a U.S. slowdown. The second7 M2 A. ]2 e" X5 \. g
phase began with the U.S. Federal Reserve launching an7 R1 e* _$ i: r4 b) C# q
unconventional easing policy dubbed QE2 in September, }2 q/ M; x0 Y# a5 i! |0 O( i, G
2010. This action saw investors exit the dollar and scramble
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and equities. As we near the end of this policy, prospects
8 S( [0 t; ?$ Nfor dollar stabilization grow; this would be helped through
% j ]( x9 L4 N/ m! J; P% uU.S. fi scal retrenchment and relief on the part of bond, j2 g; ]) I$ c d
markets. Given the success of the policy and the heightened
/ R( i& }+ L; [, S& q6 muncertainties elsewhere, it may be time to move to a more2 E ~% v# ~. t/ j u) @# \$ }
neutral risk positioning. |
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