市场综述

小曲

Signature Market Roundup
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9 I: }8 k) o& g4 v) Z& |" tEric Bushell
Senior Vice-President,
+ }' _5 |' ]/ X- b. q# UPortfolio Management
' M/ z4 F* I" O+ [8 I5 ~and 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。

( G5 u4 }" P  ^- C1 L$ NThe second phase of the post-Lehman recovery in risky assets
3 i; g6 t7 B- S; e# h+ Z- U* D( nmay be drawing to a close in April 2011. The fi rst phase
: O: e# n  Z# C9 d0 ~0 Wran from March 2009 to April 2010 and was halted by the
* g6 i8 i2 J7 VEuropean sovereign crisis and a U.S. slowdown. The second
0 y- x0 t( H2 A+ g* R6 P! kphase 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
! o8 p  I5 n# o. W3 C" D0 Afor real assets ranging from property to commodities, credit
! i( R3 q8 u" Yand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
% P( Y; k) D( w9 o2 e" WU.S. fi scal retrenchment and relief on the part of bond
) f$ O. {' E" w% T8 Xmarkets. Given the success of the policy and the heightened
- s4 t  r) A4 _& r: C7 D# `uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.