市场综述

小曲

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Signature Market Roundup
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0 F' h9 f& ]; x& S% SEric Bushell
Senior Vice-President,
) l5 w- w! y- V+ ]Portfolio Management
and Chief Investment Officer
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7 w- X3 E0 g4 Z3 U6 ^+ X/ X2 [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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$ D& z) J: g, c0 p' ?4 q/ EThe 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
% _; K# h5 W6 U( O6 E' e. eEuropean sovereign crisis and a U.S. slowdown. The second
( v  S. h& T8 A; I: g, cphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
& b0 A( y/ _; [% o2010. This action saw investors exit the dollar and scramble
7 ~/ w/ k  ]+ s7 h* c% @( J) Ifor real assets ranging from property to commodities, credit
6 I) @9 p2 w5 K" Z! H' \and 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
; s* G9 Z: g: y3 ?+ kmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
+ X' d- V4 ~8 Z4 O; v1 J+ Ineutral risk positioning.