市场综述

小曲

Signature Market Roundup
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Eric Bushell
Senior Vice-President,
2 }+ `7 J+ J3 iPortfolio Management
" k( b4 D( E' r1 B) O/ s9 ]and 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。
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The second phase of the post-Lehman recovery in risky assets
  Z+ p' B9 r7 Omay be drawing to a close in April 2011. The fi rst phase
! Y+ Y" X. C7 uran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
9 N" |* L: k* ]: f( p2 y2 P3 g9 iphase 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
0 ]( }0 Y+ r7 e2 S# N  n7 ofor real assets ranging from property to commodities, credit
/ Q( O- D7 f+ ~$ F" uand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
1 r9 z8 X6 J* X: ^5 e7 aU.S. fi scal retrenchment and relief on the part of bond
/ y% ~) }1 k2 _+ {/ ?2 `! ^8 rmarkets. Given the success of the policy and the heightened
  h, b; Z8 Q) E" zuncertainties elsewhere, it may be time to move to a more
3 ^" L& V) {3 e$ ?5 l4 @- i/ X( Bneutral risk positioning.