市场综述

小曲

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Signature Market Roundup
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Eric Bushell
( V% ]" u4 x' e5 @Senior Vice-President,
; A2 e- G6 J+ h% u6 kPortfolio Management
" R, ^2 U! P' U9 q( T8 aand Chief Investment Officer
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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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The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
# O3 l6 g! R9 wran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
- M5 i. X& I( N8 S, r) }phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
0 k, K7 c7 c# ~. @1 l! Z& z/ ]1 l2010. This action saw investors exit the dollar and scramble
( o8 J% i. ~9 g1 Gfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
" a) C- N8 y, i7 ^$ qfor dollar stabilization grow; this would be helped through
+ \  T$ c0 e/ w. B! R( \* HU.S. fi scal retrenchment and relief on the part of bond
. i1 X  q) D* o- B/ `0 b0 ^; a% A' i' Pmarkets. Given the success of the policy and the heightened
+ l1 G1 P! v) ~" quncertainties elsewhere, it may be time to move to a more
neutral risk positioning.