市场综述

小曲

3 X; s  o, {- _# qSignature Market Roundup
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Eric Bushell
8 J" E+ z( L! ^) V# n3 lSenior Vice-President,
Portfolio Management
$ j+ n3 P6 v3 z: f" B! Z8 K3 oand 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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2 J1 l/ {! c" ^# H" Z! Z2 \  rThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
$ m5 K3 k8 w/ ?( |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
. j; F5 h3 S4 Z$ c2010. This action saw investors exit the dollar and scramble
  |; U& p0 p$ A  q5 G  f) Nfor real assets ranging from property to commodities, credit
' G$ T) u% f, G( @/ y6 fand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
' n4 Q1 T1 h- Jmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.