市场综述

小曲

Signature Market Roundup
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1 |! v$ H+ R( U( a, f" [  yEric Bushell
Senior Vice-President,
# O+ h7 d( ?7 j+ o  R: zPortfolio Management
and Chief Investment Officer
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0 M; l6 j9 q6 w3 Y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 o+ F" c5 w' g( b+ XThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
( j) @4 q/ d4 c( b3 Yran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
( x. j: p3 A# Runconventional easing policy dubbed QE2 in September
) W5 X! @' X, \, G4 |2010. This action saw investors exit the dollar and scramble
, E- D* L  a  Q2 nfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
5 I8 M0 l* o7 n! _2 i. Qfor 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
/ O8 l- u5 |  {# g5 h# O) yuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.