市场综述

小曲

Signature Market Roundup

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Eric Bushell
9 O8 r6 [- u! _& u7 P) USenior Vice-President,
Portfolio Management
and Chief Investment Officer
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' F: E- m0 i* U5 W- j$ P3 F- D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。

  O, O1 ]$ [: Y! a; {7 UThe second phase of the post-Lehman recovery in risky assets
( Q) f$ X2 ^% j5 a( h8 x# Wmay be drawing to a close in April 2011. The fi rst phase
- m; `) H0 N3 [9 w2 G( yran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
+ p' ?' T; |* C& \' Dphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
) m) {& \8 ^) e" `* S2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
5 k8 X- `8 e  A) `and equities. As we near the end of this policy, prospects
3 B. v) d) U4 o( k7 vfor dollar stabilization grow; this would be helped through
/ Y" s0 U, x) C" I8 J; XU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
9 J5 l" R4 O' @# Zuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.