市场综述

小曲

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4 J5 s/ j5 k+ W1 q" Q+ {Signature Market Roundup
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* d' S' h0 E4 ~  u9 [; D/ j( j) YEric Bushell
1 U- S8 d3 v" {Senior Vice-President,
Portfolio Management
! N' b7 {7 w0 a3 o0 O# Zand Chief Investment Officer

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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The second phase of the post-Lehman recovery in risky assets
4 B) y- a/ k3 d( c' \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
1 i3 B. b( I/ o5 r; b$ b: ?# V$ iEuropean 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 I8 N/ F3 _/ l6 |7 |5 o0 H, G2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
" E, R+ r8 A% ^: d* z( c2 S# xfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
! E' w2 I1 x" ~1 ]markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.