市场综述

小曲

Signature Market Roundup


5 [6 X3 g3 d* O4 m3 mEric Bushell
4 U$ _8 H: Q' o! n$ c& fSenior Vice-President,
; v2 g$ [+ P' F" |' r+ tPortfolio Management
and Chief Investment Officer
) H, {3 m7 ]8 N: B) N! A
1 w8 H8 l. |: c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。

- l+ L' d& k  kThe 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
* A- m9 x6 U& |/ tEuropean sovereign crisis and a U.S. slowdown. The second
5 K8 M4 L, t0 }phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
$ v6 N% b0 g! o' e2010. This action saw investors exit the dollar and scramble
0 I# r) V. D$ x5 e( S* X: K- `# e5 Ufor real assets ranging from property to commodities, credit
9 Q* ^5 D7 t. D1 \and equities. As we near the end of this policy, prospects
+ {) n- i* d. B5 R: Pfor dollar stabilization grow; this would be helped through
3 }# y3 w: j. y: F0 U  tU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.