市场综述

小曲

$ `" b) W0 U: A( k; y
Signature Market Roundup

" d/ `9 _' F( _- w
, [9 s+ h* h1 S- KEric Bushell
Senior Vice-President,
6 a5 G7 u+ Y/ B% T. DPortfolio Management
and Chief Investment Officer

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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) x6 b! j! U7 b5 OThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
# X. W0 m) |2 b- [% Z7 cran 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
2010. This action saw investors exit the dollar and scramble
, D+ n# G8 v' B$ J: wfor real assets ranging from property to commodities, credit
/ |8 A* _* d; G! Band equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
  p+ o. v( b7 X; ]U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
2 f% M5 O7 A) S3 h" y+ |uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.