市场综述

小曲

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Signature Market Roundup
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Eric Bushell
Senior Vice-President,
- w" y# N- h8 f9 f& ?" XPortfolio Management
and Chief Investment Officer
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& Y7 o( [, `% f3 D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。

3 \4 W0 _' p5 Y) o' b( n# X+ WThe second phase of the post-Lehman recovery in risky assets
# T& B- Z2 S# }- X' J+ u; A2 m* qmay be drawing to a close in April 2011. The fi rst phase
$ d# H/ e1 z  jran from March 2009 to April 2010 and was halted by the
' D9 A' g  p4 g3 G0 PEuropean sovereign crisis and a U.S. slowdown. The second
% Q6 s: p$ p0 D& c" N1 j. cphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
0 z' ^4 n1 I- ?2 N5 p! ?for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
3 {) V' \! N8 z% z& W) b6 o3 `for dollar stabilization grow; this would be helped through
' G! a) o' N- _7 Q! CU.S. fi scal retrenchment and relief on the part of bond
8 C( I/ S# c5 ?. C6 L6 |! t( Qmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.