市场综述

小曲

* M2 ~+ g( i( R% X5 s1 T3 b. ]
Signature Market Roundup


Eric Bushell
Senior Vice-President,
  `* G; m; @: ~* k0 M! TPortfolio Management
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。

3 v1 G5 O$ _" ~$ N! X" b7 KThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
1 v3 D; L$ ]! t$ U  z# rran from March 2009 to April 2010 and was halted by the
+ X) l  C% {9 g- V) Y$ N# |1 V- iEuropean sovereign crisis and a U.S. slowdown. The second
5 i0 b' u% _- m! _7 z# ^2 t1 G7 a& Dphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
1 O$ R9 r, X  C& O2010. This action saw investors exit the dollar and scramble
1 ?- G2 h9 q& Lfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
* o- U# L7 N/ q) I; tfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
$ p7 d* ^7 x8 e% X/ j, emarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
. ~/ B; l2 s+ U/ mneutral risk positioning.