市场综述

小曲

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Signature Market Roundup

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$ I1 \( w5 u# TEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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$ q' m  f- ]+ W; o* n: o" 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。
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3 v% p0 D; ]3 vThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
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European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
! ?& e2 S+ V, B" M: X  C" Lunconventional easing policy dubbed QE2 in September
. Q! y2 w) @, a$ x2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
' x9 n: t. E% f+ s% i& E4 D7 r% Fand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
1 `2 j/ j7 e( @* F/ _U.S. fi scal retrenchment and relief on the part of bond
8 M' K$ V) X  h. Q2 _; @/ _markets. Given the success of the policy and the heightened
$ N; R8 x* {* ?1 K: z8 luncertainties elsewhere, it may be time to move to a more
neutral risk positioning.