市场综述

小曲

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Signature Market Roundup
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- g* I8 b$ Z: `2 JEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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8 i; G9 [- f6 f4 o7 ~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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- d6 T5 L' d8 s) `3 I* eThe second phase of the post-Lehman recovery in risky assets
  r$ j  ]" ^* \( R: y  T  B$ G# jmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
2 g! v- [" o1 G, \+ KEuropean sovereign crisis and a U.S. slowdown. The second
! G" W' f  j' \phase began with the U.S. Federal Reserve launching an
" i% n: K6 ?) _3 ~. u2 ^. Yunconventional easing policy dubbed QE2 in September
* [: V8 {. ]+ i2 ~2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
3 v! d; e! S3 I" R4 @) X2 @4 Tand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
) s- H  C- Q  A4 ~2 {6 g0 u. duncertainties elsewhere, it may be time to move to a more
neutral risk positioning.