市场综述

小曲

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Signature Market Roundup

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Eric Bushell
Senior Vice-President,
Portfolio Management
( E; z6 ^) H6 H2 _! T. c7 ]5 r: Rand Chief Investment Officer
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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。

9 T% [. j) p& R5 O" j9 y) f8 yThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
3 k4 t; O7 q" t9 Iran from March 2009 to April 2010 and was halted by the
( Y# Y+ ~9 p: N1 \- e# gEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
. @1 Z5 A+ @2 w$ U6 Uunconventional easing policy dubbed QE2 in September
& G. ?  ^9 V1 p" C2010. This action saw investors exit the dollar and scramble
0 `6 i5 h" M5 d8 S8 L+ L6 efor real assets ranging from property to commodities, credit
( ?5 E  _- {# O3 q3 eand equities. As we near the end of this policy, prospects
' R. Z; h. n9 o5 b% U/ C9 ?; Bfor dollar stabilization grow; this would be helped through
( C8 Y' s3 J8 PU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
3 t* j* l/ c, \! X$ e1 y7 Duncertainties elsewhere, it may be time to move to a more
$ i8 g, [/ W+ U6 Y& ^& O7 v6 fneutral risk positioning.