市场综述

小曲

( u0 L8 m' Z+ H  G" rSignature Market Roundup
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Eric Bushell
/ E, D7 z% f% p! e% r1 hSenior Vice-President,
+ o- }+ o1 b9 V8 b' iPortfolio 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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" i: B9 z8 @* g; NThe second phase of the post-Lehman recovery in risky assets
# m5 H+ ]. a; }1 T0 d- Jmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
6 G2 J3 o; Y& r( d: U- E( ~/ UEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
) K8 `* _9 X6 A# Y, zunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
' ^" e' n7 \4 ~! D# sfor 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
markets. Given the success of the policy and the heightened
, @$ P( ~+ W4 e0 a: x$ D& Guncertainties elsewhere, it may be time to move to a more
! J9 T9 g* w: p$ wneutral risk positioning.