市场综述

小曲

Signature Market Roundup


  G- V3 X" R3 w$ |* i" |Eric Bushell
Senior Vice-President,
. i- _- A; H# Y; R+ K8 S7 LPortfolio Management
& \! [; Z) k: B$ Xand Chief Investment Officer
% ?4 {% F  t, H! B- x
+ f% a8 ?5 |/ `8 N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。

The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
8 {" q, `' H* ?3 P; d' tran from March 2009 to April 2010 and was halted by the
European 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
( r) d# }/ a5 {$ E7 F2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
5 ^5 i" z% ?4 c4 M/ Zand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
8 S; d( B+ `5 gU.S. fi scal retrenchment and relief on the part of bond
' k( v; I% I. k9 b2 f2 _& p& Vmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
& S8 i0 r1 `, p, r& I! Sneutral risk positioning.