市场综述

小曲

Signature Market Roundup

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Eric Bushell
* n% m- W- {5 q* }! bSenior Vice-President,
4 s& X8 x, S9 z1 t! Y+ uPortfolio Management
' }# ?) \! F; |and Chief Investment Officer
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' q3 M4 y; @% H: q+ ~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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+ _/ R8 v+ q; p3 S( {$ {The 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
European sovereign crisis and a U.S. slowdown. The second
& m; a8 c0 B& Y4 @. y: z2 {phase began with the U.S. Federal Reserve launching an
4 `" [/ \+ ^4 ~# Uunconventional easing policy dubbed QE2 in September
  m, s5 U* }) ~7 D/ j5 |: ?2010. This action saw investors exit the dollar and scramble
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1 _' f0 L7 m/ [7 wand equities. As we near the end of this policy, prospects
9 I5 a' X1 ~4 f: J% N3 C  nfor 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
$ N  a4 y9 p" x, Huncertainties elsewhere, it may be time to move to a more
2 T; Z' W; d2 B8 ?* lneutral risk positioning.