市场综述

小曲

6 M7 z6 z& B6 t" qSignature Market Roundup


Eric Bushell
7 Z# T, J; U$ X* r+ o0 g" G. }Senior Vice-President,
8 a+ L* L) ]9 s6 n3 B- yPortfolio Management
and Chief Investment Officer
! \4 Z: L4 `2 d  x" ]- U
% t' H8 s  E* n" D- K9 B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。

( z4 I3 ?7 M* f* v8 t, m" @8 c; pThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
' i! W7 B& s" ~2 l4 wEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
; \6 z7 i* }. Z  V. junconventional easing policy dubbed QE2 in September
+ A( {  _1 ~/ C, D2010. 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
* u7 T0 J. f1 G- u! M. Ofor 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
4 W0 x1 m# W) m; }& Euncertainties elsewhere, it may be time to move to a more
8 R- a! M, E6 M. O2 Sneutral risk positioning.