市场综述

小曲

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5 b5 U2 J1 }" \3 [Signature Market Roundup
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2 T. _1 Y, X4 _+ |Eric Bushell
Senior Vice-President,
Portfolio Management
, D& t- `+ |. f5 yand Chief Investment Officer
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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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+ `0 w6 P/ G, A. f7 XThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
7 U5 o3 ]4 C1 k- ]ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
2 d$ m" _7 Y  e3 q- ~phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
9 s' @& K1 r/ a6 D% h+ i2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
, y  t  X2 `+ r# Jand equities. As we near the end of this policy, prospects
9 ?1 ^( {' p/ I9 e' F. O0 }for dollar stabilization grow; this would be helped through
& X  o3 e  o4 _2 s' U4 }U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
2 r: q" H* h2 q7 Q: r: o2 cuncertainties elsewhere, it may be time to move to a more
8 x/ i' ~1 I5 Z  p% jneutral risk positioning.