市场综述

小曲

Signature Market Roundup

  s0 [* x. Y; J/ @/ E: J/ a
Eric Bushell
+ `% f# C& d. G5 DSenior Vice-President,
) D+ g8 V% `0 ~1 x" E( qPortfolio Management
and Chief Investment Officer
, R' j% p" _. b  ]4 Y- C4 H
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。

! U& Z0 T0 g/ s7 RThe second phase of the post-Lehman recovery in risky assets
+ U8 A5 E5 J+ ymay be drawing to a close in April 2011. The fi rst phase
% p" Y" h2 c1 K# m2 h3 m+ p$ [ran from March 2009 to April 2010 and was halted by the
: \0 r/ \1 c5 R! H6 [2 dEuropean sovereign crisis and a U.S. slowdown. The second
( o" [6 ^- o' ?  {) \3 @/ ^% yphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
0 s/ @6 X0 p: ~/ x& S9 U: b2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
6 N) E; u9 e- K  M2 aand 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
4 x; F* M2 y8 r( y+ _markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.