市场综述

小曲

Signature Market Roundup
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Eric Bushell
+ S, K' |7 q. }  A" J! B4 n, E- ~& ISenior Vice-President,
Portfolio Management
; d+ [6 V$ L! ^0 a: ~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。
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2 z- S$ i! y+ fThe second phase of the post-Lehman recovery in risky assets
4 @1 W7 J  S- u, ~1 T/ ]+ Smay be drawing to a close in April 2011. The fi rst phase
* F- B/ _/ M, ~ran from March 2009 to April 2010 and was halted by the
/ z+ Y/ V- h( Y: DEuropean sovereign crisis and a U.S. slowdown. The second
* R2 V8 m$ v/ }  @& ~3 }phase began with the U.S. Federal Reserve launching an
7 j7 V! `% B; f% u  U" a1 g6 junconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
. ]9 W  g& c# g- afor 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
U.S. fi scal retrenchment and relief on the part of bond
: r6 `; F% D/ H0 k' Z( ymarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
( X. D8 S) {8 r( Yneutral risk positioning.