市场综述

小曲

1 Q9 k$ U2 C$ y* I5 i$ Q% P3 hSignature Market Roundup


4 s. e& a* l- ]+ {/ R5 c. i+ AEric Bushell
" P4 a" `& u( y+ RSenior Vice-President,
Portfolio Management
! e' {1 ~! o4 sand 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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+ D( V  p( F/ a0 y8 w# U5 w' AThe 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
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
8 X+ ^  C4 M% H8 R0 q' [# O2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
1 [2 W, v1 q7 i7 s  K1 B* ifor dollar stabilization grow; this would be helped through
+ [5 {& o, l# y8 E3 w. u! a2 AU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
$ a: D0 E; v1 K  euncertainties elsewhere, it may be time to move to a more
neutral risk positioning.