市场综述

小曲

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Signature Market Roundup

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" u3 z* {. w4 n( ^4 X, t& zEric Bushell
. \2 W: F; d+ E4 j" @+ @0 Z9 QSenior Vice-President,
# A0 O9 i; P+ w5 H9 p: hPortfolio Management
and 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。

: z5 B; K9 t& _) h8 a' N. z) PThe 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
4 D6 }( T0 }1 t& @, Uphase began with the U.S. Federal Reserve launching an
* [5 f+ k8 T6 l  O2 M- F7 y9 I, l1 Kunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
3 l" R. E' n, S5 r; M8 afor real assets ranging from property to commodities, credit
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
- N9 Y1 O3 d/ x4 J( |" vmarkets. Given the success of the policy and the heightened
, N- u+ H& I- F; V+ ]uncertainties elsewhere, it may be time to move to a more
  e% g7 Y; L5 p% D) N2 r9 u) E8 l4 Jneutral risk positioning.