市场综述

小曲

- F3 H( G+ j  V$ M- w1 t4 |
Signature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
% [/ a4 a; k8 R- hand Chief Investment Officer

7 G5 V/ j& p" T6 g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。

& m1 k& w* i) L4 x+ dThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
- T' k5 U7 T4 v1 \ran from March 2009 to April 2010 and was halted by the
5 @& H# |" Y( m7 F# bEuropean 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
2010. This action saw investors exit the dollar and scramble
% t% x: d, B* w: E. Hfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
, P+ |: ?$ |# s6 Y4 u1 xfor dollar stabilization grow; this would be helped through
# z* r5 k! u' c  l0 @  q: AU.S. fi scal retrenchment and relief on the part of bond
2 m) J" A% J7 r* S0 B1 b: Pmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
) a% P) W6 D2 h( ~3 Qneutral risk positioning.