市场综述

小曲

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Signature Market Roundup

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" V2 Z* ~# a: n) F! A, l$ I7 u( EEric Bushell
$ Q6 V" h% C+ [* M8 @Senior Vice-President,
" x2 @5 U1 K* L, ]) l0 \Portfolio Management
and Chief Investment Officer

, u/ l/ n- p1 a$ B/ a& k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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( r( c8 }5 A1 h$ NThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
1 V; L, Q% F3 C. C4 M% }ran from March 2009 to April 2010 and was halted by the
( v; j( X6 f; G, [- j$ V( LEuropean sovereign crisis and a U.S. slowdown. The second
6 S8 k0 D; ^9 t7 [- q& ^2 O' zphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
8 l& T8 o' k; \4 ~: f2 k, K2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
; t% L6 R5 v; `; ]9 h5 |and 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
9 R4 V5 r0 p1 I9 i6 `markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
/ c& a. ?# a$ F2 Xneutral risk positioning.