市场综述

小曲

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Signature Market Roundup
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0 q( a! ]8 K9 J! \8 m4 s% D9 oEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

1 \/ G. E' X2 x2 M( n5 Z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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, k9 I1 n! G7 y1 |0 SThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
+ h. f/ z9 t0 \& q) y( vran from March 2009 to April 2010 and was halted by the
0 @. x, p: v5 {& ^+ H/ _, z$ zEuropean sovereign crisis and a U.S. slowdown. The second
% S: {8 [0 H8 s5 kphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
6 S/ n" D1 u% o' b2010. This action saw investors exit the dollar and scramble
# d. E0 Q1 c8 bfor real assets ranging from property to commodities, credit
  y& i5 k7 H3 v) |) Uand equities. As we near the end of this policy, prospects
6 C& \+ B* l7 ~. T7 kfor dollar stabilization grow; this would be helped through
" f- F. ]1 f, f- PU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
$ T" S$ C5 O$ T7 O0 cuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.