市场综述

小曲

. H& a9 X# H  ~: d' ?/ sSignature Market Roundup
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5 f5 W9 }( X# _* |) PEric Bushell
; \! I. @' M0 P$ P! O: }0 ~Senior Vice-President,
Portfolio Management
: t$ I. y: u; ^# [  _9 l6 vand 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。
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  M1 e, ]. N6 E4 IThe second phase of the post-Lehman recovery in risky assets
+ D) C2 C  b3 A5 [/ n  Pmay be drawing to a close in April 2011. The fi rst phase
2 _# O. B! n* M% s& `ran from March 2009 to April 2010 and was halted by the
. v" [0 i( L% U6 y; w+ t/ kEuropean sovereign crisis and a U.S. slowdown. The second
9 ]# A% M* l2 Z& `. z5 l% lphase began with the U.S. Federal Reserve launching an
$ c/ q- F- p/ N' q2 R  f" B* wunconventional easing policy dubbed QE2 in September
# T+ Z+ i. @7 [2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
3 z/ a! R9 j" v0 U9 Z9 land equities. As we near the end of this policy, prospects
1 I' m) e$ V& d9 g! \& N/ }- Rfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
; c+ c8 d2 {: _" V/ F( K2 F( kuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.