市场综述

小曲

, P; b5 h3 y6 N9 LSignature Market Roundup


Eric Bushell
) g7 J- m5 p' X4 m2 N: v) YSenior Vice-President,
0 u% K* \% V, kPortfolio Management
7 h5 ~& m9 w# b' Band Chief Investment Officer
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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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% e9 X0 {( N" @$ SThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
# B8 m& Q( V6 ]ran from March 2009 to April 2010 and was halted by the
! _5 l7 U2 z* fEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
' }7 e; U( p+ z# r* ]for 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
7 q2 h# n8 `' _- V, f, F- S$ h" K9 AU.S. fi scal retrenchment and relief on the part of bond
4 r/ y+ l; Q6 [0 U' v3 H$ ymarkets. Given the success of the policy and the heightened
- S0 y) A" G+ M  V8 Kuncertainties elsewhere, it may be time to move to a more
( V2 i+ N4 E# \$ {2 gneutral risk positioning.