市场综述

小曲

) b% p0 c/ s% [3 `- _Signature Market Roundup

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Eric Bushell
; z. t/ A) z9 L- D9 _Senior Vice-President,
$ y% {) P/ c' {3 NPortfolio Management
and 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 n: C- m+ N& O# }  EThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
& ]/ Y9 v" ~- G7 t$ t, K0 U& C$ }ran from March 2009 to April 2010 and was halted by the
9 f) l4 o. I! }2 fEuropean sovereign crisis and a U.S. slowdown. The second
) U& G2 l$ R9 e3 yphase began with the U.S. Federal Reserve launching an
9 z" U  ~) n* C5 a: Kunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
  A$ [  `& u0 T- y7 i' W2 Y% efor 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
0 F+ H2 c9 ]3 p( Z' BU.S. fi scal retrenchment and relief on the part of bond
/ J$ S' a: ^6 C& G% @markets. Given the success of the policy and the heightened
3 M5 S3 _0 h$ q# u& f; i- Ouncertainties elsewhere, it may be time to move to a more
# D) d8 ?8 c! r: T* }; O; Y5 Cneutral risk positioning.