市场综述

小曲

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Signature Market Roundup

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Eric Bushell
Senior Vice-President,
* k- m/ `+ s5 }& z" A$ R' qPortfolio 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。

% p, g( t6 A  S2 D" v! [5 V2 M8 QThe second phase of the post-Lehman recovery in risky assets
7 z! W; Y( l/ I1 Q$ |. Jmay be drawing to a close in April 2011. The fi rst phase
% A) \: N7 X/ O2 f7 a6 ^ran 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
- |' h7 b/ T9 p& kunconventional easing policy dubbed QE2 in September
8 H4 q. T+ ?, c' N) j2010. This action saw investors exit the dollar and scramble
7 o) ]1 q# n0 h# m1 M9 g: |  R4 cfor real assets ranging from property to commodities, credit
0 i9 Z2 _3 V8 p1 k1 j$ {; ]and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
3 M5 H  W5 u; L- y9 p% _7 G" U9 MU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.