市场综述

小曲

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Signature Market Roundup

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Eric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

# C4 @5 H* e* o) n" r. O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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4 e( d0 A) I! w5 P( BThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
! f1 G9 c2 [* v8 Y, d8 h' _" Q! zran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
/ b3 [# g5 W1 G7 x1 _/ _: Rphase began with the U.S. Federal Reserve launching an
2 Y4 P, y5 r5 ^6 i8 c0 q0 `6 Aunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
! f# v7 j% i1 t' yfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
% q$ w; @! V4 u  ?U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
3 e: T7 E5 J/ P0 \4 Kuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.