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本帖最后由 小曲 于 2011-6-8 14:55 编辑
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6 ?0 k8 H4 R5 s3 v+ f5 `9 ISignature Market Roundup0 J5 m7 \) [: }* v1 A
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- A# i# J; n j& e0 MEric Bushell
4 s8 ]9 \- ~7 ^. a- tSenior Vice-President,; ~: W& M0 k4 ]
Portfolio Management
T5 u$ D9 `% B4 C7 E+ }- t+ y% l% Zand Chief Investment Officer1 _ m* k8 V; d. _" J
3 t& s0 t2 i# J* j3 J" Z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。9 s+ l& b* ? v9 g+ U1 A
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The second phase of the post-Lehman recovery in risky assets$ n- t% |9 j' |# U8 N: y
may be drawing to a close in April 2011. The fi rst phase
( e6 W1 H M7 @3 Nran from March 2009 to April 2010 and was halted by the L+ M1 z+ ^: ^6 D. B0 M
European sovereign crisis and a U.S. slowdown. The second
& y5 b8 j+ ]9 ]) ^- Z& fphase began with the U.S. Federal Reserve launching an
1 l2 V5 f' W2 ~9 Vunconventional easing policy dubbed QE2 in September
9 {) _5 H! i5 l0 {2010. This action saw investors exit the dollar and scramble2 s$ F: [6 l- b0 B+ }+ U' ^' ?
for real assets ranging from property to commodities, credit; E U6 [( r# O& H. n
and equities. As we near the end of this policy, prospects
|) E4 F7 r" o' e [ m: ]& ufor dollar stabilization grow; this would be helped through
9 y' u4 n1 a8 Z# iU.S. fi scal retrenchment and relief on the part of bond
8 ~4 v' R! a* nmarkets. Given the success of the policy and the heightened" }5 ]% M5 ]) h& c- I# m
uncertainties elsewhere, it may be time to move to a more
6 q; _" k, s! _* i. M6 m3 s4 Vneutral risk positioning. |
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