市场综述

小曲

7 @2 a0 s5 c5 A+ WSignature Market Roundup


5 l' [% U! o2 @9 f( r6 TEric Bushell
6 ~/ B) ~0 ?4 ^2 oSenior Vice-President,
Portfolio Management
and Chief Investment Officer
/ r! ]) _' ^% o/ |
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。

The second phase of the post-Lehman recovery in risky assets
$ I0 D1 N. B0 u6 Jmay be drawing to a close in April 2011. The fi rst phase
6 ?% P3 ]/ ~# |, K0 R( \9 I- aran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
! V- C3 [6 Y) w9 M+ kunconventional easing policy dubbed QE2 in September
/ A# J' b$ r3 D  C$ w2010. This action saw investors exit the dollar and scramble
+ @- @, b- t* T6 b  k1 qfor real assets ranging from property to commodities, credit
; N1 ]  w2 m3 n, j! dand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
" n/ n8 ~, A) Z/ y: E- ~  C5 P* EU.S. fi scal retrenchment and relief on the part of bond
4 f, L- k! |/ l* F+ z4 W2 m- emarkets. Given the success of the policy and the heightened
2 t: k7 A% Y. J+ f, [; ]& guncertainties elsewhere, it may be time to move to a more
& d  s6 u/ [# l# Z' Xneutral risk positioning.