市场综述

小曲

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& v5 K% e* s4 U1 lSignature Market Roundup


Eric Bushell
# p: Z! z$ A) Y# \, QSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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( L1 g3 s0 D$ k) I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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& i4 u/ K9 X+ V: p' l& {+ I( `The 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
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
5 E9 z2 h+ ?( g2 ]; W; [# Wunconventional easing policy dubbed QE2 in September
( G( N* Y# j9 i; ?! C0 X2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
1 _2 I9 @! H5 Z8 V  i% [4 k0 N! fand equities. As we near the end of this policy, prospects
5 T5 C4 D1 z- O5 W3 w8 Bfor dollar stabilization grow; this would be helped through
8 U* `' ~0 }* K* EU.S. fi scal retrenchment and relief on the part of bond
& C) D! L; W5 p0 }% t! amarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
6 o# F! c7 R3 z$ X1 }; R4 \; T% yneutral risk positioning.