市场综述

小曲

Signature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

6 B0 P# y/ y. D; ?: a& P5 o' B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。

) i6 C8 K$ y+ S) _4 n7 dThe second phase of the post-Lehman recovery in risky assets
, {" I: q* S" }, H" Q; gmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
- E9 P# J( [; REuropean sovereign crisis and a U.S. slowdown. The second
8 J+ b, I% D" b$ cphase 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
5 ?* l9 [! d3 w, Yfor 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
8 p# U) x, _5 [markets. Given the success of the policy and the heightened
% H& |) U7 `; c0 V' d; m5 Duncertainties elsewhere, it may be time to move to a more
neutral risk positioning.