市场综述

小曲

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Signature Market Roundup

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Eric Bushell
Senior Vice-President,
/ a3 o% s0 y2 T9 E1 `, @Portfolio Management
+ Z  M: D0 L7 p& Y7 Kand Chief Investment Officer

  z5 J" p3 Y, t" X- A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。

( @, k3 H& f' P2 pThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
! n+ K* Q! J& R/ ?/ a, A1 Pran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
4 f$ r0 ?2 B/ G# a' ]& yphase began with the U.S. Federal Reserve launching an
, Y9 Z4 `* B8 u1 j3 Yunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
3 I! ]; }% q+ v1 Q; eand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
4 n  q* E4 w# z) e0 q; |% K+ mU.S. fi scal retrenchment and relief on the part of bond
. R& `  g3 W2 u" t0 k0 s8 b3 @markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.