市场综述

小曲

Signature Market Roundup


) N  t7 k8 \7 t, qEric Bushell
Senior Vice-President,
, q5 C7 B" o" pPortfolio Management
and Chief Investment Officer

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。

$ ?) R$ f) O2 F$ vThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
6 A5 h4 X$ O1 ^( u7 {' ~ran from March 2009 to April 2010 and was halted by the
8 O! C: M- e% n- z5 ~European sovereign crisis and a U.S. slowdown. The second
, ]0 f* Z* Y% M# `; Bphase began with the U.S. Federal Reserve launching an
% M8 O. z8 B  g7 [8 o) eunconventional easing policy dubbed QE2 in September
, j8 K: ~- W7 C; w) ^! }9 S1 Q2010. This action saw investors exit the dollar and scramble
" o2 S+ L" L( B& n+ \1 @for real assets ranging from property to commodities, credit
- w* r( \8 E8 _# ^8 r1 X  jand 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
' {2 k2 b/ l% c: auncertainties elsewhere, it may be time to move to a more
- E; S  D! n$ l" Zneutral risk positioning.