市场综述

小曲

Signature Market Roundup


3 D3 ^- ]  I# Y  I9 G& LEric Bushell
6 e, p1 V  [8 O( |2 H1 }Senior Vice-President,
Portfolio Management
3 f+ a7 `* d9 e2 q+ I4 iand 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。

( m! s" H2 y( j$ c" MThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
0 E4 B6 ?; K1 H$ ]: TEuropean 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
6 ]7 ]  s2 w! z8 g, Y. C- G) Ffor real assets ranging from property to commodities, credit
3 [8 t1 O/ u- a6 jand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
  P! C8 @7 s6 @, Imarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.