市场综述

小曲

Signature Market Roundup

0 n/ g, ~; r1 L+ |1 j, \9 C. U
Eric Bushell
4 }# D% [: r" A7 `2 }Senior Vice-President,
: [9 J) U- O3 v( CPortfolio Management
; f. ]0 W' \3 E+ Iand 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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/ B" j/ G/ N  M5 QThe 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
European sovereign crisis and a U.S. slowdown. The second
( `, e6 H( M  [# e( I8 D9 H) `: Vphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
+ N  [: W( j4 }5 E/ {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
! y4 K" i" L2 u! y) B/ d2 |* Afor dollar stabilization grow; this would be helped through
/ q& L9 B& y, b+ w: t3 V1 h- Q7 e! tU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
/ ?* E" K& I  T' D- Euncertainties elsewhere, it may be time to move to a more
neutral risk positioning.