市场综述

小曲

' y$ ?& u# L) M1 c+ }Signature Market Roundup

1 e. R" Z, B: W* f% _
Eric Bushell
Senior Vice-President,
* C" u7 F( J* y0 XPortfolio Management
, l$ Z9 D0 F& w  }1 sand Chief Investment Officer
  i% j8 K% ?; g) }/ m& M8 Y
& T" U8 [3 b4 |* Z( Z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。
& r# E; i' e  b/ e/ m- {% d
The second phase of the post-Lehman recovery in risky assets
! j# K$ S. B( e3 ^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
5 v( j6 a' Z: k! Y' x& xEuropean sovereign crisis and a U.S. slowdown. The second
- n' L$ B" s- ~- mphase began with the U.S. Federal Reserve launching an
* d% }1 N' q4 Funconventional easing policy dubbed QE2 in September
# e/ m5 R2 S! x0 {: O6 [" q4 ~2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
4 T5 ~0 R0 u, G2 k8 }$ Oand equities. As we near the end of this policy, prospects
! k) v; K- Y2 |) b/ U9 @: Ufor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
$ a5 U+ \1 [: T3 i" ymarkets. Given the success of the policy and the heightened
% i" S: c) v! s2 {$ t% zuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.