市场综述

小曲

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+ N9 J. F8 J) u* L7 V5 p) p' x. xSignature Market Roundup
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0 u# I* V  n+ q& M1 i* {" p; \Eric Bushell
& s% |1 l. X& \# n( T9 `Senior Vice-President,
7 h2 [3 N" P# T% rPortfolio Management
and 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。
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  {9 w4 z2 f6 R: D8 b) zThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
1 a3 g3 B9 Z& v0 u6 ^3 ]ran from March 2009 to April 2010 and was halted by the
1 h" l8 u, J1 ?, P- |$ m4 vEuropean sovereign crisis and a U.S. slowdown. The second
( L3 w1 w9 a) h6 Iphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
: f) d/ G! s5 P' ?4 r7 e8 K4 @2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
, q7 k$ B+ L* Y9 E8 xfor dollar stabilization grow; this would be helped through
. `# c# B% B& v& g' c0 p& YU.S. fi scal retrenchment and relief on the part of bond
4 g3 `2 C4 e" C" D+ Lmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.