市场综述

小曲

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Signature Market Roundup

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Eric Bushell
; S% \' x) f8 ]( z  f5 X, R' e. J8 SSenior Vice-President,
Portfolio Management
and Chief Investment Officer

- S. s4 X+ ~- t" m7 U# a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。

% K8 r7 j  _! J3 t6 c, U3 I. JThe second phase of the post-Lehman recovery in risky assets
7 @  q4 p' |6 k& P; I( d# qmay 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
phase began with the U.S. Federal Reserve launching an
6 _1 |9 S/ S0 L0 {8 G! \unconventional easing policy dubbed QE2 in September
2 \  `3 Q$ b  p! [5 D. \9 l. `2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
6 Z5 a/ c+ F# L/ l4 }/ h2 Nand equities. As we near the end of this policy, prospects
  M6 r/ e7 o( P+ ?4 e4 \" ~for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
; Q( q6 a  u: H/ ^% tmarkets. Given the success of the policy and the heightened
/ |% U, J  d: d, Z$ T3 ^# n# [  nuncertainties elsewhere, it may be time to move to a more
8 `) t8 i5 T7 F+ ^( x( qneutral risk positioning.