市场综述

小曲

% w  p9 j9 M7 n$ F" K! U9 p3 c% qSignature Market Roundup


7 m( {; _# q" S5 U) G9 V8 rEric Bushell
9 m; j: t7 O! m7 z0 CSenior Vice-President,
4 n: F4 F! b# Q8 v- t9 iPortfolio Management
and Chief Investment Officer
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* I& Z4 `1 ]! ^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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( u, H- P% J- i+ y! g5 KThe 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
European sovereign crisis and a U.S. slowdown. The second
6 W1 n. q. R2 k0 ~% j6 lphase 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
6 }+ s1 j: {# F/ F# i: Ufor real assets ranging from property to commodities, credit
4 o! `7 p4 B( N! oand 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
+ H4 E1 x8 y; T; L. wuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.