市场综述

小曲

. q4 x, e5 s6 X' T- Y- ~Signature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
% a% X2 V0 P9 A# v, W  hand Chief Investment Officer
, W( T; X( b. O% G8 ]# q7 v
) \7 L$ A; `$ s' ~4 s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。

& r+ {2 |+ ^" F9 S" u0 ~; m9 b/ o5 vThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
: g9 T+ ~$ X  O0 ?/ X5 ?ran from March 2009 to April 2010 and was halted by the
+ x$ [* h$ A/ I: IEuropean sovereign crisis and a U.S. slowdown. The second
" h6 p; b- p1 m" zphase began with the U.S. Federal Reserve launching an
& S. y6 x- l. A0 W, B$ tunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
6 R& w- G! M0 q& Y. Mand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
  ?0 z) ^  r8 ~U.S. fi scal retrenchment and relief on the part of bond
* q8 E6 c4 }1 W: nmarkets. Given the success of the policy and the heightened
' P9 n2 \/ Z3 G; X; N  Buncertainties elsewhere, it may be time to move to a more
neutral risk positioning.