觀點避險

INVESTOR REACTION TO MARKET STRESS SET TO CHANGE
尋找避險天堂


瑞士信貸高級顧問帕克:投資者過去一直把美國、歐盟和日本的政府債券視爲最安全的資產,但在市場和經濟壓力時期,投資者對安全的定義是否會發生改變?

Since late April investors have, according to most surveys, built up major money market positions and, as reflected in the current low yield levels, significant long positions in US Treasuries and German Bunds. This flight to safety was triggered in April and May by investor concerns over eurozone sovereign and bank risk and, more recently, by increased expectations of a slowdown in the US economy.

多數調查顯示,自4月末以來,投資者建立了大量貨幣市場頭寸,而且正如當前低收益率水準所反映的那樣,他們持有大量美國國債和德國國債多頭頭寸。4、5月份投資者對歐元區主權和銀行風險的擔心,以及後來越來越多的人預期美國經濟將會放緩,觸發了這種避險行爲。

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