市场综述

小曲

Signature Market Roundup


Eric Bushell
9 Y0 o4 t: Q8 Y+ XSenior Vice-President,
5 ~+ Z9 t# z! APortfolio Management
* _& i1 T1 ]$ B1 ~7 E, Nand Chief Investment Officer

$ u3 H; w4 x1 W9 U; p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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The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
& T" y/ \$ _/ V' j. r" Vran from March 2009 to April 2010 and was halted by the
0 b" `& t3 i1 ?0 R0 S( NEuropean sovereign crisis and a U.S. slowdown. The second
6 L. o) M& G4 N7 y) dphase began with the U.S. Federal Reserve launching an
* o, J, i0 F$ i: G0 {unconventional easing policy dubbed QE2 in September
0 n; R2 k" ]8 B$ u2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
' V- x4 V/ `+ I: A& M5 Z# Fand equities. As we near the end of this policy, prospects
0 N7 Q5 W8 w' y, D% bfor dollar stabilization grow; this would be helped through
& W: n/ G2 H( M, \8 \U.S. fi scal retrenchment and relief on the part of bond
: H1 a4 X% B% c8 k) |markets. Given the success of the policy and the heightened
# ~$ b- e& b( B( O7 I9 [uncertainties elsewhere, it may be time to move to a more
' X. D, Y9 u3 f$ C& f/ ^$ @) Xneutral risk positioning.