市场综述

小曲

& Q! i% b% E% [" X) oSignature Market Roundup


Eric Bushell
& l  u7 ^8 u1 b; J+ ESenior Vice-President,
5 {7 I+ }0 b! Q. S, e) XPortfolio 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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' s0 T0 y! N( M1 O; dThe second phase of the post-Lehman recovery in risky assets
- m# K! E  p0 W, dmay be drawing to a close in April 2011. The fi rst phase
1 ~. U0 Q7 }! K7 D* S4 z- {ran from March 2009 to April 2010 and was halted by the
, c+ k% D/ D8 w. G9 Q5 aEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
2 O2 x4 M/ `2 F4 j! R% V1 E; d6 I) \  _unconventional easing policy dubbed QE2 in September
& Y3 w8 k( ~* l2 K6 g! b2010. This action saw investors exit the dollar and scramble
0 c& E/ A6 I3 L/ D- }0 |( Ufor real assets ranging from property to commodities, credit
. f7 D$ l0 z2 g  O% f7 E; s  |7 Gand equities. As we near the end of this policy, prospects
8 t) H  H; z; `  L; X0 p5 Ffor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
1 c0 K' c2 S  [, c1 |markets. Given the success of the policy and the heightened
! W0 _2 L5 s6 _" Y9 R6 v# Z5 Runcertainties elsewhere, it may be time to move to a more
neutral risk positioning.