市场综述

小曲

$ @; F9 v) a0 C8 e9 aSignature Market Roundup


Eric Bushell
Senior Vice-President,
% }2 E2 P0 w- W0 ^& {! QPortfolio Management
; g% y; C* z; @6 |) iand Chief Investment Officer

' ?5 e8 b1 A: v( t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。
, W  D7 P. {. K0 i3 U
! V# ]1 g6 E9 o- D9 t& v1 gThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
# |3 u* L) N; _1 t) |ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
, O* k+ q/ t& ~2 H& t- Y2010. This action saw investors exit the dollar and scramble
  h" z) x. _) bfor real assets ranging from property to commodities, credit
9 x  `# m4 d: |' R9 {- m! Nand equities. As we near the end of this policy, prospects
6 g- I: ^. B. F7 gfor dollar stabilization grow; this would be helped through
* O" x4 I' s5 k6 s5 sU.S. fi scal retrenchment and relief on the part of bond
% B5 F8 S6 N: [8 W1 }1 o  Imarkets. Given the success of the policy and the heightened
& L1 O- Z) o, V' vuncertainties elsewhere, it may be time to move to a more
8 \# }& i/ K2 ~. Xneutral risk positioning.