市场综述

小曲

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0 R) T$ ]0 n4 G$ L# n1 r- e( `2 ]Signature Market Roundup


" K' y' E- Q% I5 d6 r6 JEric Bushell
Senior Vice-President,
Portfolio Management
4 y" Y  L9 a2 w% W, c5 o$ C4 Fand 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。

: d* N5 o% s: t6 j* [5 r7 LThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
: H2 P, ^2 Z; Dran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
. r0 L. r" x# Y$ _5 H9 U, U# _3 Uphase began with the U.S. Federal Reserve launching an
! C9 b: e# _0 |# T  A; Junconventional easing policy dubbed QE2 in September
9 I# v  E7 F7 N$ P+ A# P2010. This action saw investors exit the dollar and scramble
2 _8 U# s8 s' h- ^+ Lfor 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
) Z3 G! o, B9 J- XU.S. fi scal retrenchment and relief on the part of bond
% C7 I$ @( M; Z, C3 K% z# ^markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.