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本帖最后由 小曲 于 2011-6-8 14:55 编辑 ! F$ B3 l. s& E& Y5 X9 b
; ?: I7 ?7 q& w: d+ v8 R0 y; USignature Market Roundup
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Eric Bushell: s- C" z5 y3 J+ \( {0 h
Senior Vice-President," o0 M& v, f0 a- ^( @0 a
Portfolio Management
3 G- I; {; s% N5 p# \. x6 W! M3 iand Chief Investment Officer
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/ G/ D/ |2 Q# f+ z3 m9 y% V* }3 z' G5 F( r6 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。% q' E3 Y7 ?; _# P/ I; A1 C7 p' e
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The second phase of the post-Lehman recovery in risky assets
' z% Z# H+ A5 r# G* Umay be drawing to a close in April 2011. The fi rst phase) r( W% c$ |( p- T C
ran from March 2009 to April 2010 and was halted by the
4 J# p n8 ]. c% x3 z$ Q+ n7 gEuropean sovereign crisis and a U.S. slowdown. The second1 Z' p# l) v! E! S% s R
phase began with the U.S. Federal Reserve launching an
7 `5 E# C, T+ Q1 i4 z5 ]unconventional easing policy dubbed QE2 in September
! }3 X% T# w( k G# _% c( K2010. This action saw investors exit the dollar and scramble
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and equities. As we near the end of this policy, prospects; m2 m5 e" h- T/ S$ A' B
for dollar stabilization grow; this would be helped through
: W5 i& w' W. y5 j7 rU.S. fi scal retrenchment and relief on the part of bond
: r: i4 K6 n: y# X: pmarkets. Given the success of the policy and the heightened
. P6 `; M3 ^" E; j! r6 r9 kuncertainties elsewhere, it may be time to move to a more4 j" m- a# z- R: I
neutral risk positioning. |
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