市场综述

小曲

Signature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
/ ?$ S# z7 X0 L& M$ V6 Fand Chief Investment Officer

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
3 N- \* E; g) C( {8 a7 E% ]may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
& ~/ r4 T$ @6 c6 B! z7 cEuropean sovereign crisis and a U.S. slowdown. The second
0 t, f1 H5 t* c1 C6 j5 yphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
  p+ Q2 A: B; e4 Y2010. This action saw investors exit the dollar and scramble
: l' l9 g* \: |for real assets ranging from property to commodities, credit
/ Y: k/ ~; z2 F6 ~' \) f7 {and equities. As we near the end of this policy, prospects
6 R3 A2 ?+ f0 Vfor dollar stabilization grow; this would be helped through
1 m9 j/ k0 B  yU.S. fi scal retrenchment and relief on the part of bond
# q. l4 g  Y, `% amarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
; g% `  H/ b! E; z7 rneutral risk positioning.