市场综述

小曲

Signature Market Roundup


Eric Bushell
1 `9 F3 Q, h' D$ s, NSenior Vice-President,
0 i8 R& C5 I% z3 h1 hPortfolio Management
" r2 d+ W; N$ ?and Chief Investment Officer

/ m/ [  O. n* j+ a$ j; L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。
0 F. k! a( V+ h+ [7 u& n
) m; Z& e! v# u; O+ qThe second phase of the post-Lehman recovery in risky assets
+ o& s# C+ j2 `3 G" Z6 V" kmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
" n! p* ^) B) j0 y9 I1 g3 UEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
  u: T* o$ u& j! O1 x! g, gunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
4 d4 J9 D9 G- Q  `7 Ifor real assets ranging from property to commodities, credit
- X( Z5 a+ g2 ], L- aand equities. As we near the end of this policy, prospects
2 z+ K" A' a; E! qfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
* ?! V3 ^' y; c# W$ m; qmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
6 c! R* i$ R7 s0 xneutral risk positioning.