市场综述

小曲

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Signature Market Roundup

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9 P- N. V* @% @1 M' T4 rEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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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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  X2 }/ C. _% q; g9 x; i) e( qThe second phase of the post-Lehman recovery in risky assets
8 O" I/ H* M( f8 T0 p8 Imay be drawing to a close in April 2011. The fi rst phase
7 u: Q( r: I7 O/ @0 y* G; Y. [ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
1 _# a8 I( t4 ?% J1 N" r$ s9 Q6 ^9 ophase began with the U.S. Federal Reserve launching an
* k; F9 g1 F7 E' Kunconventional easing policy dubbed QE2 in September
& J  J; P$ O5 K6 G$ x, `3 N& K4 m+ l" X2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
, D  i  L9 U% H0 mfor dollar stabilization grow; this would be helped through
4 \! K& n# n7 Q9 N% E2 X- U/ _: LU.S. fi scal retrenchment and relief on the part of bond
. A) g) S; }7 T6 X6 b0 rmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
! e. d' g- Y$ a! tneutral risk positioning.