市场综述

小曲

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Signature Market Roundup


Eric Bushell
7 \$ G! `" x7 w1 j* k# kSenior Vice-President,
Portfolio Management
4 P3 t4 O$ R6 ^6 Uand Chief Investment Officer
( F0 {/ a) g  k& I  U# E' F9 V: c
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
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
) O' z) S, B2 E: G% Q* Q2 lphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
9 C+ ~* E4 x6 f4 m9 S2010. This action saw investors exit the dollar and scramble
# K/ U; E! b/ S5 h; tfor 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
4 r3 Q0 V- g. I. X; bU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
2 X; _; P: g3 fneutral risk positioning.