市场综述

小曲

9 n, c: U8 a1 t% a
  V0 a" K- c. YSignature Market Roundup
# T& F: {0 @& G4 [( ]4 }
- K6 r* j; j  g: U2 \1 K1 x; p# ]
) P5 ]! x8 N  h- |+ H' ~" |Eric Bushell
4 l2 W) Z$ O( `Senior Vice-President,
; p( `$ s6 p) @; ~3 J6 FPortfolio Management
and Chief Investment Officer
' @7 V" r- \+ _8 L& f9 D0 e) d
% T* v6 q0 J# D+ [/ Q6 B4 q: l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。
7 a/ `% B- E# v; Y8 c
; y5 H2 z  p* oThe 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
2 {. E; ]7 k  FEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
+ j# J$ F6 j8 N  W8 \unconventional easing policy dubbed QE2 in September
/ `1 q! \% k; _$ A8 K( v9 T! W2010. This action saw investors exit the dollar and scramble
; N0 m2 b! Y6 w  y) U9 Cfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
: F0 f" P# ^- L) }/ {for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
/ c' l/ x; a! {markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.