市场综述

小曲

+ b( P7 C/ m3 Q! a9 Z$ \' P+ c
- u3 v) [; j" S! NSignature Market Roundup


Eric Bushell
: H; \3 A  W$ V  X+ p* O; H6 _Senior Vice-President,
Portfolio Management
and Chief Investment Officer

4 u# X/ e+ ~9 E) t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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/ Q2 u9 z' l" n  Y& CThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
/ c* V8 K: Q" a/ e0 \3 Nran from March 2009 to April 2010 and was halted by the
- P- D9 `( V; g# sEuropean sovereign crisis and a U.S. slowdown. The second
phase 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
; M/ T" e0 l  P- |& u3 w1 m; z# Vfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
8 S( [0 t; ?$ Nfor dollar stabilization grow; this would be helped through
% j  ]( x9 L4 N/ m! J; P% uU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
/ R( i& }+ L; [, S& q6 muncertainties elsewhere, it may be time to move to a more
neutral risk positioning.