市场综述

小曲

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Signature Market Roundup

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Eric Bushell
Senior Vice-President,
$ X1 @! z' o7 o$ _: V1 T- sPortfolio Management
and Chief Investment Officer
9 a4 A' Q2 ~2 `0 P/ D
: u+ F4 |2 Z& h' m, ?4 M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。

The second phase of the post-Lehman recovery in risky assets
2 Q' t; d. z4 X% r9 a, x$ vmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
" S4 e, d# n4 ?/ h5 n6 g8 O  G; AEuropean 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
# i3 E4 o- c7 t  {8 E2010. This action saw investors exit the dollar and scramble
6 K" K- Y1 t0 m9 p5 Qfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
% q1 }$ a8 `3 K0 C7 k" ?3 c7 w  a. F9 cfor dollar stabilization grow; this would be helped through
% ?) t9 n7 d" \. `U.S. fi scal retrenchment and relief on the part of bond
+ Q: L* H% A; T! k4 l# N; wmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.