市场综述

小曲

Signature Market Roundup

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Eric Bushell
) W, o0 p: J5 w" }Senior Vice-President,
* W, V9 V, M* A8 _/ z7 jPortfolio Management
and Chief Investment Officer

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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The second phase of the post-Lehman recovery in risky assets
& _9 A5 }7 v5 t- t  ~5 wmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
5 W* j5 p# o# |1 ^! }- ^phase began with the U.S. Federal Reserve launching an
" ~) A6 C) C9 M" S( {4 W* ?unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
  E) v8 F; Z' X! O1 c" u8 afor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
- `1 A- [$ ^& \* r0 s0 Y$ [2 Afor dollar stabilization grow; this would be helped through
- J* z* P  h2 I7 m$ e+ AU.S. fi scal retrenchment and relief on the part of bond
, ]7 L5 d: N/ j, N8 b" e! ymarkets. Given the success of the policy and the heightened
, `! j- p. F. C$ M5 t7 H% T; ouncertainties elsewhere, it may be time to move to a more
neutral risk positioning.