市场综述

小曲

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Signature Market Roundup


Eric Bushell
Senior Vice-President,
! H1 p0 {4 y; @4 APortfolio Management
7 G: h7 `8 c0 |7 C4 w8 ^and Chief Investment Officer

! O( G( T6 m- D  t6 r: I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。

) X% E/ V7 d) {- `The second phase of the post-Lehman recovery in risky assets
8 ~/ W! D! t0 W' k; F) K, Rmay be drawing to a close in April 2011. The fi rst phase
/ i$ ]! g+ e/ x. @0 G, \' w4 [ran from March 2009 to April 2010 and was halted by the
/ V1 p" T2 w3 i3 [: ^# KEuropean 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
  b( \3 C( L# M2010. This action saw investors exit the dollar and scramble
2 j' a4 Q7 W& ~, E4 N/ M9 Lfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
. H+ M& f6 ~2 V# `& `1 d8 B( {for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
# Z* `5 t4 q) M+ M1 q: Muncertainties elsewhere, it may be time to move to a more
5 l; [; J9 K3 D3 g! Qneutral risk positioning.