市场综述

小曲

9 ?* U1 S  y6 u# [& [: aSignature Market Roundup
  C8 r/ P0 F& R* M. D9 t. W

) N; j) L4 W2 t2 ^5 l# ZEric Bushell
Senior Vice-President,
# E. L, ~1 p5 I9 V3 {; ZPortfolio Management
+ D9 D+ l+ s+ [2 eand 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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6 O# F4 V' F4 ^+ H0 iThe 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
- k# K6 ^9 L0 d6 b6 munconventional easing policy dubbed QE2 in September
% p( p( H9 ?# {2 ]4 c5 |2010. This action saw investors exit the dollar and scramble
/ Z! ]0 }8 @+ c& R' Afor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
% \/ a3 m+ ^0 d2 jfor dollar stabilization grow; this would be helped through
- e6 s& I  b$ F/ F! ~$ A' _U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.