市场综述

小曲

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Signature Market Roundup
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Eric Bushell
Senior Vice-President,
Portfolio Management
' [5 q& l. @1 ^6 W* J% {  K, u; 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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+ a1 [4 y; U! v; UThe second phase of the post-Lehman recovery in risky assets
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
; Z0 N  S* K1 T: lEuropean 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
3 C9 A) E# Y- W3 F8 E, M- Z& m1 Z2010. This action saw investors exit the dollar and scramble
! C# K- m* m3 u6 ~for real assets ranging from property to commodities, credit
( {  x7 s/ _  F7 jand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
4 ?1 i8 y6 k" G7 \6 Y/ Rmarkets. Given the success of the policy and the heightened
" n5 O9 S9 B8 euncertainties elsewhere, it may be time to move to a more
$ b0 h$ `0 p" ~# Q$ O0 d, aneutral risk positioning.