市场综述

小曲

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Signature Market Roundup
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7 j2 T) K9 R  F& rEric Bushell
8 h1 \5 I+ p9 a& FSenior Vice-President,
Portfolio Management
  Y2 w3 g) l+ r6 @) B* c5 Pand Chief Investment Officer

3 L1 G2 F  ]: h; L- [/ j# }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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. K3 q/ x. [% {+ }" c+ i. FThe second phase of the post-Lehman recovery in risky assets
1 Q8 y, v; @# S6 W7 J; a  i; dmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
( I' w: O4 A  `2 b% K5 l8 vEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
+ K# |4 F$ c1 ]unconventional easing policy dubbed QE2 in September
# p2 d, r7 g8 k/ v- c5 k2010. This action saw investors exit the dollar and scramble
# Z- F' m$ A' {; W2 Gfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
" v' F, o  j; T8 P6 ], u1 W. Y: gfor dollar stabilization grow; this would be helped through
! n4 G5 j% Y* i) d7 \U.S. fi scal retrenchment and relief on the part of bond
8 I, B/ U% {2 Q8 W# |4 {( Q$ y2 Bmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
# i5 b; d" A' T, Fneutral risk positioning.