市场综述

小曲

8 P% N8 S7 g6 E/ c' k% s2 O
! d3 ]; }" s4 ~% R' ASignature Market Roundup


) y! Q! S. e% @" B: BEric Bushell
Senior Vice-President,
9 u# W3 v7 ~6 q, A! gPortfolio Management
0 U- H* `, A1 Q* y: k" y. Kand 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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- h9 ?( w/ \+ O* `" {/ @The second phase of the post-Lehman recovery in risky assets
. V, Z+ [7 ]/ Cmay 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
, W. p) c* F( wphase began with the U.S. Federal Reserve launching an
' U7 H, E) R- m1 B" ]unconventional easing policy dubbed QE2 in September
$ q/ h! Z( F0 g' R2010. This action saw investors exit the dollar and scramble
% ~$ Z6 i, Y$ R  Ifor real assets ranging from property to commodities, credit
7 B: z1 {  U; \% b  z) Gand equities. As we near the end of this policy, prospects
. C) A- Z5 s, Q8 q/ \& I/ i! a( Gfor dollar stabilization grow; this would be helped through
- ~8 y. k$ F( `# Y5 J# }U.S. fi scal retrenchment and relief on the part of bond
! i$ b, W9 [: l  o- x" H9 Bmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
: W$ J# {1 X! Y3 |# q! _  e8 ^neutral risk positioning.