市场综述

小曲

Signature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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, C3 @2 u7 J! M& Q' y0 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。
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$ i& F7 `8 ?2 k- W5 E8 AThe second phase of the post-Lehman recovery in risky assets
! @- i& V7 ?1 O: jmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
" r5 e3 d" X1 DEuropean sovereign crisis and a U.S. slowdown. The second
9 c8 i& w3 C) e6 _phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
7 U  Z6 G$ j8 X2 y2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
# f1 g' }/ h" f: dand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
* g0 I6 ~4 _6 d7 oU.S. fi scal retrenchment and relief on the part of bond
* A) E4 \! Z0 e- Emarkets. Given the success of the policy and the heightened
- h0 A: d) _4 o5 I( Tuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.