市场综述

小曲

Signature Market Roundup

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6 r+ ~  S( y$ z2 IEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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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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The second phase of the post-Lehman recovery in risky assets
& t0 q& a+ _; F; B, T& kmay be drawing to a close in April 2011. The fi rst phase
1 b% ]+ }; N$ G) J8 S$ Wran 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
2 i* h, z6 r; @9 |% K* \unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
9 n) g, O' F; C( q3 nand equities. As we near the end of this policy, prospects
& f& j( A6 y; `! ^0 Gfor dollar stabilization grow; this would be helped through
) u- \' X/ J, ]5 v2 J+ LU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
2 Q3 Y+ O6 k" P2 r9 {uncertainties elsewhere, it may be time to move to a more
6 f1 D: S2 U  _7 w- p* n; @% Xneutral risk positioning.