市场综述

小曲

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Signature Market Roundup
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4 G8 i. b* l& O6 u# A$ pEric Bushell
Senior Vice-President,
; A( ]* R) P) [0 y' k0 ?% kPortfolio Management
8 V: H3 Q# b. n) ^' eand Chief Investment Officer

7 S  U: t8 P6 _5 C. b' H) s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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* C2 }6 j5 ^# v/ U# z% T- uThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
, \: H/ L; k2 w9 d3 Yran from March 2009 to April 2010 and was halted by the
: Z) z5 F7 P- ^4 t3 H2 N- o0 m/ T+ I6 OEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
! A) ~, [  R  runconventional easing policy dubbed QE2 in September
/ L( J/ A" _- D& S3 K' y# I, d2 ]2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
# e0 }3 O- {& K& X  `for dollar stabilization grow; this would be helped through
1 q  m) y# r# g! i& G8 s$ lU.S. fi scal retrenchment and relief on the part of bond
: R  ]/ I, _" l, F, Cmarkets. Given the success of the policy and the heightened
* ]; X1 @% Q! h" B8 S2 }uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.