市场综述

小曲

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Signature Market Roundup


) Y( ]: }* t7 G# ~Eric Bushell
Senior Vice-President,
# T/ F( x, {4 ]" r& VPortfolio Management
0 U6 w6 {5 l+ U  }and 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。
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: h. z( m9 r- `1 x% IThe second phase of the post-Lehman recovery in risky assets
8 g7 Z9 n( X! c. c0 ~+ g" z( J& Vmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
+ X; U( {. O2 p$ zEuropean sovereign crisis and a U.S. slowdown. The second
" g: y( ]7 r# Y, iphase began with the U.S. Federal Reserve launching an
% y, y3 m  A# Y7 l: y5 cunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
; w; W+ N# d& K4 Vfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
/ A: W/ E: V3 fU.S. fi scal retrenchment and relief on the part of bond
) }( u; }2 @0 n; p7 \markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.