市场综述

小曲

, _# a4 B( ?! M/ J/ c3 H! wSignature Market Roundup


2 W3 I% y! g7 t: Y& lEric Bushell
Senior Vice-President,
Portfolio Management
* u- t3 Q3 M* }# k. b2 z$ Xand Chief Investment Officer
$ H& N  Q# [0 @, z0 O
8 n: p& h7 V% q% R8 U  J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。

- b6 x+ ?, G* }2 vThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
4 k7 ^" j. _1 t, [' h4 k* s- l2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
7 z- y! c, ~, A, O5 ^$ v. Eand equities. As we near the end of this policy, prospects
* ?! q: |$ H" H1 ^: @for dollar stabilization grow; this would be helped through
3 h/ g. N) U3 i* _- M# {U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
$ o0 u1 ^5 ^! [* ?4 H# q2 ?uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.