市场综述

小曲

Signature Market Roundup


; a8 h9 H% l  w* l+ V( NEric Bushell
Senior Vice-President,
Portfolio Management
, c* z. k5 B- Rand Chief Investment Officer

5 L/ p) R+ `3 V2 }7 W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。

The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
7 [/ c4 x  Z7 Q/ T: v6 O- Vran 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
  ?, R  w' E) v7 l2 t7 @unconventional easing policy dubbed QE2 in September
8 D; I+ m* Y! z& s1 Q; `2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
$ \* n; U" C& b' o; g. a$ i: ^for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
) J9 X3 p/ J8 [6 G5 Wmarkets. Given the success of the policy and the heightened
2 \5 b" u$ a' |( r! S7 s' Zuncertainties elsewhere, it may be time to move to a more
0 ~; G) L" P7 j: a& Y3 @2 Pneutral risk positioning.