市场综述

小曲

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  q% Y% T7 \3 Q0 x* |% v( G% USignature Market Roundup

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Eric Bushell
# U5 E! j' t, k$ b3 c! KSenior Vice-President,
( y$ ?, |0 s2 F8 uPortfolio Management
and 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。
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The second phase of the post-Lehman recovery in risky assets
# \% ?! f: z6 ]6 U5 K0 }9 |may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
0 u; I* i) c3 c5 F  V6 `8 O  \phase began with the U.S. Federal Reserve launching an
; B4 _) v2 W5 F' {unconventional easing policy dubbed QE2 in September
! K% x/ P9 q, c) |2 t; [; m5 Z/ o2010. This action saw investors exit the dollar and scramble
* D+ N  ]" C6 t! z+ P, ^for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
' g4 C) w; u/ w, G0 S+ w- ?for dollar stabilization grow; this would be helped through
7 g: x6 }. l+ e' l% [; K* SU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
) ^$ O5 C* p: W9 `$ V) oneutral risk positioning.