市场综述

小曲

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Signature Market Roundup
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Eric Bushell
Senior Vice-President,
Portfolio Management
7 A7 R4 H* A$ W8 O( u9 @; @$ m7 oand Chief Investment Officer
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8 P( X1 v$ c2 t  `; m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。

3 d* G4 n- U7 U+ T. YThe second phase of the post-Lehman recovery in risky assets
9 _5 }, O9 b( J& Jmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
1 ~* [  e6 ?$ M6 v) J( EEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
! j" ~+ m5 q+ Cunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
4 E+ B5 y% U7 ?+ [/ R0 G) Ufor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
. `% ?2 w7 Y6 I* ^8 _  yfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
4 O6 W: W4 X' G/ g& D1 F9 Gmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
5 l8 O4 S* h2 p5 V9 f1 O$ p2 h3 ]neutral risk positioning.