市场综述

小曲

0 k$ \- w0 H9 f: f/ m3 j. iSignature Market Roundup

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Eric Bushell
Senior Vice-President,
2 m5 C( U% [" d8 h( EPortfolio Management
& l1 U# k4 N1 n5 B/ ~" N* o( \3 @9 |and Chief Investment Officer

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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  S1 o7 E6 U- {0 c# G- `The second phase of the post-Lehman recovery in risky assets
% |: |( e( c  k  fmay be drawing to a close in April 2011. The fi rst phase
6 X" l4 `: u9 v  [, S; X8 X1 t/ Zran 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
2010. This action saw investors exit the dollar and scramble
4 d0 j0 c: e6 ]& wfor real assets ranging from property to commodities, credit
) b* |! k8 ?, G2 m. Xand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
, C2 l* f8 h& N# i) FU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
4 d, h+ R+ P4 _, S  N2 wuncertainties elsewhere, it may be time to move to a more
: Q$ O  ]' B- C' ?$ _+ Yneutral risk positioning.