市场综述

小曲

Signature Market Roundup

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Eric Bushell
, \5 ?( r5 s4 d$ qSenior Vice-President,
  v6 ?6 C3 s) Z4 b# N' sPortfolio Management
/ e* E! v. m9 n. R1 N4 Sand 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。
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6 ^& U( g: R' F: @7 yThe second phase of the post-Lehman recovery in risky assets
1 ]1 h# O0 k& c' gmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
7 D( W$ ?' C" w: |6 xEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
/ h) l, u; s3 P0 s0 n' ounconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
7 ?8 z: r8 ~6 ^& }6 @0 ]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
- \/ X; |( d$ k) ]' g( pU.S. fi scal retrenchment and relief on the part of bond
+ W2 b% @$ b" A' H0 ymarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
7 W" h  _) M. ~1 p* A- W% \% k$ Xneutral risk positioning.