市场综述

小曲

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Signature Market Roundup
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- j- D4 s! c% p* W+ jEric Bushell
" f) A' T; v6 r  r/ |* eSenior Vice-President,
Portfolio Management
0 `+ V, B9 r8 L' \, s7 c! z7 yand Chief Investment Officer

; h; a  {7 ~% s9 E# @- o8 E! b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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& _1 Z$ t7 f* N3 q# a% K  C3 ]The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
7 j# U1 M0 z+ `0 O. Pran from March 2009 to April 2010 and was halted by the
# h$ ~. v' j1 V; t, D$ oEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
, T$ m% U# G* h  \) F! Cunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
' t; U2 Z" K4 j+ Z! t: y3 nfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
) l$ Z! r: x. ~' s; J2 t6 Mfor 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
) T/ A5 o+ n) ]' ~: ^uncertainties elsewhere, it may be time to move to a more
! t8 y5 A( ?# ~: m3 }neutral risk positioning.