市场综述

小曲

Signature Market Roundup

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Eric Bushell
Senior Vice-President,
. j5 g% T; H" p& ^/ i; k% m" WPortfolio Management
% \3 F7 l1 O% N+ U9 n4 Uand 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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! Q8 w2 P& n, W5 C( x: gThe 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
1 l9 s' _9 e- Y4 Aphase began with the U.S. Federal Reserve launching an
' U8 Y, \+ n3 _4 Eunconventional easing policy dubbed QE2 in September
" C1 A* V- d$ G, {4 d7 ^. Q2010. This action saw investors exit the dollar and scramble
6 C" W# c; l0 M- Zfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
9 |/ k1 G/ S) \4 H. d- c% Amarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.