市场综述

小曲

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Signature Market Roundup
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* u% M6 I) Z9 x8 jEric Bushell
: H# @8 ?# ~/ I' CSenior Vice-President,
' `& `2 D; Q) xPortfolio Management
; m; X/ c) y# {7 w/ T0 O$ pand Chief Investment Officer
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' t1 u" b* p, t: \* }9 e- t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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1 I% `5 A" n+ \5 D; XThe second phase of the post-Lehman recovery in risky assets
( I/ ^( R4 \) U7 emay be drawing to a close in April 2011. The fi rst phase
8 h, O6 V. M1 K/ x: jran from March 2009 to April 2010 and was halted by the
/ }! N4 `8 i( _7 ~  H6 wEuropean 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
9 @. Z: R% K! p5 F7 {2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
' S5 X+ w; ~) p8 }( o$ u6 sand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
9 i4 F  A- d9 W' sU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
! d( E' [, c0 h) g2 J; J8 Suncertainties elsewhere, it may be time to move to a more
1 s9 i" A% o& S2 Y3 N# [neutral risk positioning.