市场综述

小曲

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( `5 ?3 X. e8 c" USignature Market Roundup
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' Z5 P& Q0 r- |  e& nEric Bushell
9 d) l) K# i, E) j8 m/ b" j8 aSenior Vice-President,
; l9 e! j4 X/ v/ z' yPortfolio Management
5 {+ G6 t* Y  [' P9 M. E) Hand Chief Investment Officer
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5 r: l% G! R3 L) a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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0 ]8 {$ P; S! x. r4 ]7 e  YThe second phase of the post-Lehman recovery in risky assets
7 J$ z) ~& H( a8 D* m2 p& Z! bmay be drawing to a close in April 2011. The fi rst phase
- s3 _1 X+ E3 C' Nran 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
6 a( ~) b  q5 b1 o& r# Iunconventional easing policy dubbed QE2 in September
  ~' R0 l# `7 B1 \3 i9 e4 r2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
6 f: c" A! v) S1 T; v2 d" Ufor dollar stabilization grow; this would be helped through
0 ^  x2 o0 C& g) C6 w1 Q0 H7 h7 zU.S. fi scal retrenchment and relief on the part of bond
5 Q( \3 f4 m7 h! \: H" ~markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
3 E5 K- X5 m+ y- sneutral risk positioning.