市场综述

小曲

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Signature Market Roundup

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; M# v6 m" M, }3 i& HEric Bushell
Senior Vice-President,
  Y1 k) a% Q7 M2 V  M4 BPortfolio Management
- r& E1 A+ z: land Chief Investment Officer
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" ~$ l* `0 W8 ]! q% w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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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
" v* X  a3 [% f; S2 v- d1 tphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
, u/ y& d. s: m6 z; x- i2010. This action saw investors exit the dollar and scramble
% @5 o0 m( d5 ^: r' wfor real assets ranging from property to commodities, credit
( j7 I5 `7 N. h0 E- E4 E7 uand equities. As we near the end of this policy, prospects
8 ~# l* h: A" H8 V+ Kfor dollar stabilization grow; this would be helped through
* x$ n% {! F+ U' u9 Q* YU.S. fi scal retrenchment and relief on the part of bond
2 r1 L/ L" R2 A# Q( q0 s3 smarkets. Given the success of the policy and the heightened
& m! e4 D6 _- J. [% d6 r1 k5 zuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.