市场综述

小曲

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Signature Market Roundup

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Eric Bushell
6 m: n7 k  [- A  `Senior Vice-President,
" S- m; Z# p' P* i6 k* rPortfolio Management
1 v: e" j7 S- i# P$ Wand Chief Investment Officer

3 z! c) [% i: b0 M, B5 |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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7 ^5 N' I) C5 @" q/ ZThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
1 H3 X" g0 t- w+ Hran from March 2009 to April 2010 and was halted by the
, C9 Z/ j  y( k2 L7 A2 I  b. R) p: b1 dEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
* I" x  F, ^8 Z$ i! s, Tunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
$ l6 H6 S  i9 U- t) K& Kfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
1 g2 U& l' [1 L: QU.S. fi scal retrenchment and relief on the part of bond
. ^) G, j0 X2 P" E$ D3 M% @# omarkets. Given the success of the policy and the heightened
2 J0 `% Q! U; A& H  P2 }uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.