市场综述

小曲

Signature Market Roundup


Eric Bushell
Senior Vice-President,
& Q* P, d" Y+ |( C7 `7 LPortfolio Management
and Chief Investment Officer
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+ z1 C2 R% f: E- D6 n& Y1 R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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3 P1 W$ |0 \8 N3 QThe second phase of the post-Lehman recovery in risky assets
: `( q- L- l8 Ymay 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
2 j) q9 R7 {" h. ^/ b5 x* bphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
8 O" Y; t# _, F& ?2010. This action saw investors exit the dollar and scramble
7 {) x8 `' n0 l1 s; D6 Q1 }for real assets ranging from property to commodities, credit
+ B$ d0 I# U- o: v8 band equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
9 O* L( G% {2 I: ~U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
0 I8 Q% W, P9 y% B1 Zuncertainties elsewhere, it may be time to move to a more
/ w, D8 ~5 C/ ^+ M. |9 Oneutral risk positioning.