市场综述

小曲

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Signature Market Roundup
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8 @4 [5 B+ k) y6 BEric Bushell
Senior Vice-President,
1 @4 q. F% [2 o8 R- A7 ~. I+ ~Portfolio Management
and 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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1 a  T& f* w" a- e; X! t) K: pThe second phase of the post-Lehman recovery in risky assets
! G5 H  h8 i8 ^  nmay 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' j( o) E8 j. a9 n( ZEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
  `0 _1 Z6 ^$ l% _( j) E5 ~unconventional easing policy dubbed QE2 in September
' g1 J$ q- D! v' L2 u2010. This action saw investors exit the dollar and scramble
3 Q9 m# Q5 q1 efor 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
! h' ~# c! c, M- ?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
6 d% l" N3 o6 Y+ a1 Y/ Kneutral risk positioning.