市场综述

小曲

7 |/ e) j6 E- w
Signature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

/ j. [* w1 f% E& g8 k4 q: F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。
6 x' U; [% N% v( m- C
0 a# r  L$ q; dThe 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
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
6 K8 H. `) o7 H( S4 {3 F2010. This action saw investors exit the dollar and scramble
  T. W. o6 ]& [7 ], q5 v8 G2 N3 tfor real assets ranging from property to commodities, credit
. A$ k3 Y2 {% \: Eand equities. As we near the end of this policy, prospects
  e9 Y# |8 L, ]* s' Z; \* pfor dollar stabilization grow; this would be helped through
9 |2 e# _8 m! [% TU.S. fi scal retrenchment and relief on the part of bond
7 l- F* ]- A$ f  P. emarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.