市场综述

小曲

Signature Market Roundup


Eric Bushell
" ~# L- ?& Q, F; r6 tSenior Vice-President,
( J& Y' ~3 X8 A* O& PPortfolio Management
and Chief Investment Officer

& ^% \, y( C" b  N6 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。

8 R, q; F+ X! Y2 }' c( mThe second phase of the post-Lehman recovery in risky assets
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
. o- H0 U9 N6 Z" R0 m& v. IEuropean sovereign crisis and a U.S. slowdown. The second
# |1 X" N3 O+ y( dphase began with the U.S. Federal Reserve launching an
3 ]# ^; O. t! ^$ |  f6 Zunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
' g- w* K0 w/ T9 C: {. b! Ifor 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
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
% z6 }/ I6 D& N0 |; O0 p( Y5 H. Tuncertainties elsewhere, it may be time to move to a more
1 Z; C) n, s7 y4 hneutral risk positioning.