市场综述

小曲

Signature Market Roundup


. c) I8 T) G7 ~  z$ l0 JEric Bushell
# ?) |- b2 G' H# I. v  YSenior Vice-President,
+ g# S# x' N" ePortfolio Management
and Chief Investment Officer
' s0 g: z: \8 O" B3 h
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。
! P+ D5 Y; F4 W- y/ o: _
+ H; y: W6 m( G4 l5 ]The second phase of the post-Lehman recovery in risky assets
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
- Q: \# c; |+ |& k5 pEuropean sovereign crisis and a U.S. slowdown. The second
& w' v) \* T: pphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
/ t: v1 V: V2 u3 x' J1 \2010. This action saw investors exit the dollar and scramble
, }  E+ I% ?! Dfor 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
$ k8 |' q( w) ?5 R: u" J; s2 @U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
) m! z% F7 J! c- d7 Huncertainties elsewhere, it may be time to move to a more
! o# H: p3 Y6 Q$ C- a- u7 gneutral risk positioning.