市场综述

小曲

Signature Market Roundup

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Eric Bushell
Senior Vice-President,
Portfolio Management
/ J1 q- ^# Q" F" `1 J4 b$ Sand Chief Investment Officer
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$ ]6 Q) F( N% e  k* l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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The second phase of the post-Lehman recovery in risky assets
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- a7 ?4 Z9 F; Y3 kEuropean sovereign crisis and a U.S. slowdown. The second
$ E4 R: o! e8 R; k5 J( dphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
7 {$ }2 C' V. |; `4 ufor real assets ranging from property to commodities, credit
) s( h1 |2 D. F4 r. y7 k$ k3 @% ^and equities. As we near the end of this policy, prospects
$ h& ]2 B, ^' X) `+ qfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
# c! U) j7 M& x9 }0 z$ N, hmarkets. Given the success of the policy and the heightened
& s4 E: I' x9 p9 {/ suncertainties elsewhere, it may be time to move to a more
1 t- [* B) m5 I" zneutral risk positioning.