市场综述

小曲

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Signature Market Roundup
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8 Y. D# P& ^$ S+ N3 g( l6 gEric Bushell
  `8 B3 x- r, ]6 ?* xSenior Vice-President,
Portfolio Management
! p/ _# x8 |  V# wand Chief Investment Officer

5 z$ m. K5 Y) m$ c# m0 H3 x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。

" ~- Q& U/ {+ I; s0 e6 WThe 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
! D, ]* a0 I9 C+ |$ W; T, |* ?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
3 A8 h( R! \8 _! ~1 j, 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
- q% T' ~& W4 u! f. S% F# E9 yU.S. fi scal retrenchment and relief on the part of bond
. G1 |8 f! d% x9 Mmarkets. Given the success of the policy and the heightened
9 `- j  \: c5 r$ x8 c1 C3 X0 Cuncertainties elsewhere, it may be time to move to a more
  m* L4 E+ ]2 O& H6 aneutral risk positioning.