市场综述

小曲

Signature Market Roundup
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Eric Bushell
Senior Vice-President,
Portfolio Management
1 I3 n$ q/ x6 W6 vand Chief Investment Officer
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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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+ w: i, f! u8 b9 z& JThe second phase of the post-Lehman recovery in risky assets
  }8 O. E0 g; ^may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
% a: q) m" \+ s0 Q5 P; xEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
' W. b4 U( C7 E6 cunconventional easing policy dubbed QE2 in September
. y$ V) ~/ z: I+ W% D6 `4 t2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
8 E& M) L; s7 Hfor dollar stabilization grow; this would be helped through
- Z8 ]6 ~3 D. A. t& e) A% E1 Y' F( kU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
) g+ t+ y. w/ H7 ?! T9 d' quncertainties elsewhere, it may be time to move to a more
8 \, [0 \9 ^% n; Pneutral risk positioning.