市场综述

小曲

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Signature Market Roundup


2 \( P4 C' c. B9 MEric 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。

  J9 z7 B7 G  L7 q# }The 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
4 u/ p. l9 J1 M% C* {phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
' c6 R# D+ D- E, R7 t0 Z, \2010. This action saw investors exit the dollar and scramble
% ?* U* T  ~7 Y# t) G* m: p1 o4 hfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
4 E' o! v, X3 q/ _for dollar stabilization grow; this would be helped through
1 X/ ]" ^4 |4 b3 mU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.