市场综述

小曲

/ Y- t0 c- m, K) v8 w5 DSignature Market Roundup
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Eric Bushell
Senior Vice-President,
0 I. h3 q# j, s# m6 CPortfolio Management
. o, }- z7 ~" ^4 {( cand 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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  B- Y7 ^& `" b& ?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
2 |2 I8 ]# T( l7 q& MEuropean sovereign crisis and a U.S. slowdown. The second
5 f3 u0 V* ^/ d9 l% Cphase began with the U.S. Federal Reserve launching an
6 m: g( C% B$ Hunconventional easing policy dubbed QE2 in September
: X+ D& Y; {2 r- a( ]- _5 w2010. This action saw investors exit the dollar and scramble
, G9 R. C( j$ b  T. A9 `5 Zfor 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
: Q; o$ X5 R* F! v  qmarkets. Given the success of the policy and the heightened
  u* r6 |( ?! ~) Y: Q% j0 |uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.