市场综述

小曲

Signature Market Roundup

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Eric Bushell
/ n( k8 T; @8 {: F0 [/ c" RSenior Vice-President,
Portfolio Management
and Chief Investment Officer

4 p! |1 e3 |5 W/ k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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6 |( E- X0 P  t( w4 d  f: U1 y) JThe 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
" `, c( s! W0 i- N9 K  q# PEuropean sovereign crisis and a U.S. slowdown. The second
- G% Q' |2 ^- v4 [9 ~) k$ j+ g5 Pphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
$ [  `3 G% h; T! C  X. P! ?for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
+ B! |$ c" c/ Nfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
+ \2 P# R+ f% T+ L8 [+ w0 vmarkets. Given the success of the policy and the heightened
0 u4 }9 f- n1 \- @& o5 Cuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.