市场综述

小曲

. _" t5 d4 y' x7 i. ]2 J6 [7 HSignature Market Roundup


  L! t- l) w$ KEric Bushell
Senior Vice-President,
Portfolio Management
" K0 \% h: E' c2 w; ~( j: z5 Eand Chief Investment Officer
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6 m; c: ]4 f8 O6 S: v3 E4 U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
' r1 k. H! h) rmay be drawing to a close in April 2011. The fi rst phase
8 O- [- C4 q: O2 z+ T# u5 @3 h+ b0 zran from March 2009 to April 2010 and was halted by the
5 B: `' a4 U! d9 _European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2 P3 g$ Y* p' F6 C; S! [! l" ]2010. This action saw investors exit the dollar and scramble
8 \& z& \, j) T) Tfor real assets ranging from property to commodities, credit
+ B$ z2 E( i$ g6 x5 E# dand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
+ g3 ]. \, ]- m0 V) [+ N0 e; IU.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
neutral risk positioning.