市场综述

小曲

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( @1 G, j+ B, Y' u" v+ iSignature Market Roundup


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

/ z. L& g5 y1 t& |) O- N' D1 @- H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
% A2 N1 C5 a! n7 O9 f2 |. fmay be drawing to a close in April 2011. The fi rst phase
# d5 Y+ L4 G2 f' L& y5 |ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
; F( {' ^; N1 i! Dphase began with the U.S. Federal Reserve launching an
# Z# Z. J0 A5 n( e, o+ t, cunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
- X' X3 X; H1 `. e% kfor 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
/ ^0 G7 J3 q: N* x8 a! M) b' `7 QU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
1 [- C/ d- w; Zuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.