市场综述

小曲

5 z( L% Z' ^6 H+ j3 y, \
! n9 Z. j; ?6 f+ ~7 n6 F4 JSignature Market Roundup
+ y; O2 C( Z" s4 C6 s

# k( _2 ]- ]+ OEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

% E% D6 B# l/ r$ {* |* t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。
" W( K" y( j6 p! @! ~  y: X
: j3 i6 b1 u+ m! o8 GThe second phase of the post-Lehman recovery in risky assets
/ Z) I, \4 Y6 T1 p  ^3 qmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
1 k* e: g  D8 A: g- o. ?phase 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
* N5 ?- \$ O( Ofor real assets ranging from property to commodities, credit
* r" `" U5 t. `; Rand equities. As we near the end of this policy, prospects
: C* Y$ K5 x' t+ M+ q+ o( ]for dollar stabilization grow; this would be helped through
0 }- V8 _4 p* [$ j$ G6 C/ LU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
, D+ V6 Y4 ~  @3 X. J) }& G. yuncertainties elsewhere, it may be time to move to a more
( |: j+ U$ q. Yneutral risk positioning.