市场综述

小曲

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Signature Market Roundup

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Eric Bushell
Senior Vice-President,
) H. H7 `. L, W8 R  JPortfolio Management
; |- V% O  h1 s0 dand 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。

! V( D) f1 q) h* WThe second phase of the post-Lehman recovery in risky assets
. q8 Q; {2 f2 Smay be drawing to a close in April 2011. The fi rst phase
2 ~) L3 X( p" D5 D/ W9 Oran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
) c- I5 f1 B. Q4 R( l6 j' B2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
2 K/ X" f7 T% H: N. \6 }and equities. As we near the end of this policy, prospects
% ?3 ^$ |, H5 Bfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
: T" h3 L, V: T" Bmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
9 H" W) Z" ~  u4 F% hneutral risk positioning.