市场综述

小曲

Signature Market Roundup
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Eric Bushell
Senior Vice-President,
5 Z8 w3 \0 b# zPortfolio Management
and Chief Investment Officer

$ Z" }; C; E- N0 B2 Z7 |9 e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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3 o4 N1 ]; N5 [& |" Q( U1 _The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
1 C. o0 k2 [+ nran from March 2009 to April 2010 and was halted by the
1 S' }$ ~+ a5 f$ {+ y- G4 W) `European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
$ j7 L/ @* a% V  V' Sunconventional easing policy dubbed QE2 in September
. C8 @0 [8 F0 F/ p! ^2010. This action saw investors exit the dollar and scramble
8 O! Y% J7 m% u5 |0 i) U! ]$ z% Rfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
3 b7 P; Q1 H* d9 L1 |* S5 F  E9 `for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
; M2 V0 P- I$ k3 R: G) \( Pmarkets. Given the success of the policy and the heightened
% a2 y( O0 a7 Q6 Quncertainties elsewhere, it may be time to move to a more
0 \. b0 |0 I7 b4 G4 v( h3 }5 vneutral risk positioning.