市场综述

小曲

, Z7 b: e) p. V. @Signature Market Roundup
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Eric Bushell
: F% f+ q7 q6 pSenior Vice-President,
0 F9 y# D- U8 F( w$ Q) X! BPortfolio 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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' P2 z" \5 P; y% B; {+ }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
% {* @% O& ]. MEuropean 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
2010. This action saw investors exit the dollar and scramble
) h( \, o" _' |4 q: nfor real assets ranging from property to commodities, credit
6 H4 y7 i  [: C: S, A6 u6 Mand 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
% o' c: i7 @+ B5 T% u" w9 dmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
" W4 J+ \1 ]2 j; ^neutral risk positioning.