市场综述

小曲

% r4 B( {# _  ?) [  q0 DSignature Market Roundup

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Eric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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. b4 Y# V" e* C8 q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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; J9 T; j( a1 O! FThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
0 n$ S* O! c4 K, m0 |  R2 i- C7 uran from March 2009 to April 2010 and was halted by the
; ^* C  o3 c. D+ JEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
; k4 P6 d3 @$ `  aunconventional easing policy dubbed QE2 in September
& x: D' u! A% h7 O' ?2010. This action saw investors exit the dollar and scramble
) F7 b* m2 \- [for real assets ranging from property to commodities, credit
and 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
markets. Given the success of the policy and the heightened
# l( j# {! y- Z% I: E+ Kuncertainties elsewhere, it may be time to move to a more
+ r# S) A4 I+ p* C- Oneutral risk positioning.