市场综述

小曲

Signature Market Roundup


Eric Bushell
4 ?5 i% }% w( `8 ]Senior Vice-President,
  h2 @2 W4 L0 K6 a, O9 APortfolio Management
and Chief Investment Officer
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6 T3 o5 y5 _3 Y8 E9 ^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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The second phase of the post-Lehman recovery in risky assets
. _0 ?4 R% m) `+ u1 Rmay be drawing to a close in April 2011. The fi rst phase
6 J$ _* {( \: S( Dran from March 2009 to April 2010 and was halted by the
$ L# J  u; U; q0 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
+ B/ E3 v) O' Z' ]( u1 ?) [% i0 Vfor real assets ranging from property to commodities, credit
( Q5 f/ V9 t" Q. Eand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
7 _" K/ S/ J1 KU.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
4 Y6 O1 F- ~: u( M% gneutral risk positioning.