市场综述

小曲

Signature Market Roundup


% k6 L  V' I0 {) t2 p( LEric Bushell
Senior Vice-President,
Portfolio Management
; [+ U' G1 f& R7 X5 Q7 Band Chief Investment Officer
3 Z- y& S2 m& m- m
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。

* w8 k1 |& n# ^2 n! ^1 S  g9 C2 ^) @/ v) mThe second phase of the post-Lehman recovery in risky assets
" S, q1 F$ D6 k6 vmay be drawing to a close in April 2011. The fi rst phase
# Y! Y0 d- Y1 L! Mran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
& J4 C  h# i2 Q4 b# Mphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
# ?" p  z4 i" ]/ Vfor 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
' G; H7 u( {3 X2 A7 kU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
) F1 T; C# j& x" E. m" _! f' Funcertainties elsewhere, it may be time to move to a more
5 s  r0 X' e# P( Kneutral risk positioning.