市场综述

小曲

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' @( a. r8 A, g! W, O+ v: N4 `Signature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

0 e( }; B; B( O3 Y# S: v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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' _# y5 t; D# Z/ ^  S, y; yThe second phase of the post-Lehman recovery in risky assets
( z- S5 J: f. p6 tmay be drawing to a close in April 2011. The fi rst phase
# b. p& y+ s  E! ^0 u* _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
. K0 p7 j7 M' y2 y: l) O3 O2010. This action saw investors exit the dollar and scramble
  F& A2 K+ V) N5 s' H+ W& s: M4 N  v! Ffor real assets ranging from property to commodities, credit
) y+ H6 u+ ]+ I- ?6 k6 aand 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
markets. Given the success of the policy and the heightened
2 t3 C  {0 x$ M3 m0 I+ n- r3 n9 Euncertainties elsewhere, it may be time to move to a more
neutral risk positioning.