市场综述

小曲

Signature Market Roundup

4 Q! C# U* y2 z$ x; C
  H  q: D4 h: B' e7 kEric Bushell
Senior Vice-President,
Portfolio Management
# I% \' t- m( U3 l" U7 S& x" Kand Chief Investment Officer
8 w; `* _1 V% U
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。
2 a7 S2 M/ r3 [
The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
0 j  x' f- k3 l, h4 _ran from March 2009 to April 2010 and was halted by the
! D, A/ S8 \! Y- O5 }European sovereign crisis and a U.S. slowdown. The second
$ w! X" v' x8 ~7 l3 Cphase began with the U.S. Federal Reserve launching an
4 C& |: z  l+ kunconventional easing policy dubbed QE2 in September
9 {; P  @# P2 a0 [4 G# |2010. This action saw investors exit the dollar and scramble
, l! t# y& Z/ M" g4 Afor real assets ranging from property to commodities, credit
4 }0 A- J) Z( z9 W% F$ ?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
* X6 O/ @$ s! m% d" xmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
0 Q! N* W; G' ^8 z/ @2 ~+ j7 t0 X3 ineutral risk positioning.