市场综述

小曲

Signature Market Roundup
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Eric Bushell
4 e+ q4 W' U- N+ |9 t1 NSenior Vice-President,
Portfolio 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。

5 H' X2 C3 Y! B  C+ O% ZThe second phase of the post-Lehman recovery in risky assets
5 ?! o3 k& M, ~  @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
* h/ s* z# A# G. h! l' s* ~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
2 F$ }% m( |: I4 [' K2 \2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
% ?9 k2 q3 z- q6 rand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
* R( j3 `& D- Y8 M3 O: LU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
1 }- Y& H/ P% I8 ], E: tneutral risk positioning.