市场综述

小曲

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* `8 x* s0 a, n2 O" b7 I2 sSignature Market Roundup


Eric Bushell
5 r$ o/ ~) M4 `+ E1 ~Senior Vice-President,
0 }' i$ a* I, ?8 J8 a; sPortfolio Management
and Chief Investment Officer
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/ k; @( H) S" R5 ]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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: }) P6 b8 C- nThe 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
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
  k" ^0 [: ?/ o* q# H* V1 W" a; Yunconventional easing policy dubbed QE2 in September
5 W/ z& B" l3 J+ Y5 Y4 {; }4 D: u* B2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
+ L) l$ v2 n* j  Z( l' ~+ sand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
/ W" J  k/ N8 v" Q5 X% _uncertainties elsewhere, it may be time to move to a more
. a7 Z8 O, N4 C9 u0 j+ O/ vneutral risk positioning.