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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/ f6 S; Q% N8 m
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3 T9 J* g8 ?$ A8 g' w6 i) }Eric Bushell! d; ]/ Q% p% r. }3 v
Senior Vice-President,5 b4 H r! Q( u" C
Portfolio Management M) `: Q8 L. Z5 E: E* G O7 j
and Chief Investment Officer
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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。
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The second phase of the post-Lehman recovery in risky assets
: H; ^# W# c7 z" _may be drawing to a close in April 2011. The fi rst phase
1 q0 U }5 Z! _; B) Uran from March 2009 to April 2010 and was halted by the4 V/ n U- r7 ^/ r9 t) ?
European sovereign crisis and a U.S. slowdown. The second
0 O+ }: }9 ?* b1 o" X6 a) Q9 Rphase began with the U.S. Federal Reserve launching an
+ O) z0 q7 L+ D& Y( Munconventional easing policy dubbed QE2 in September
2 j$ y4 {1 d9 @3 _9 a2010. This action saw investors exit the dollar and scramble0 M5 k" d- x" z" `$ H, f2 a, w8 D
for real assets ranging from property to commodities, credit
- v0 i# q7 u+ T" H( Z7 Jand equities. As we near the end of this policy, prospects$ ?0 ?2 [) l' r" L' S2 U" I, }
for dollar stabilization grow; this would be helped through4 c6 @! n1 q% s: _( V. y
U.S. fi scal retrenchment and relief on the part of bond2 ]4 K( O5 x p" I N
markets. Given the success of the policy and the heightened
9 d9 P" X7 i/ w+ d5 Huncertainties elsewhere, it may be time to move to a more9 X: }3 A! b/ q; `5 C
neutral risk positioning. |
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