市场综述

小曲

# T) K; p6 i1 R9 C
Signature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
) B1 c; ~* W. Z+ Xand Chief Investment Officer
' L# {- L! T* H1 J. y
. Q% p  r' S- J7 h* G& i7 x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。
7 V+ v* {# a; f  ^. m3 ?
The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
2 y0 f8 V, d3 Z8 a  `ran from March 2009 to April 2010 and was halted by the
" m% p# ]! A; E( H1 y4 L8 ]European sovereign crisis and a U.S. slowdown. The second
4 d1 {  _7 ~, [1 `# G9 pphase began with the U.S. Federal Reserve launching an
) W0 E5 Q8 b, ^' o" Dunconventional easing policy dubbed QE2 in September
% P* x6 @# J9 Q8 S5 `, m2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
# \/ t' z6 P4 H7 x% a- Vand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
4 ]) d0 R0 w' bU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
9 _( C$ I8 `1 i1 Q$ J8 euncertainties elsewhere, it may be time to move to a more
neutral risk positioning.