市场综述

小曲

Signature Market Roundup
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5 G: v! ^9 D- s* X% zEric Bushell
( t! N: W$ Y) @6 WSenior Vice-President,
* I& ?* z- Y" @5 L& w* I" Q3 u1 b2 r) LPortfolio Management
& l2 S# L/ [) g. Gand Chief Investment Officer

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。

! O; y* P% q+ ?( t5 q3 x8 qThe second phase of the post-Lehman recovery in risky assets
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
! Y5 G8 [8 [, ]4 v! M" Z2 CEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
9 y9 V- b! X9 G: b: wunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
/ Y: T4 r+ p. D. ]6 N/ x0 ?for real assets ranging from property to commodities, credit
: l- b7 Y+ C4 ]and equities. As we near the end of this policy, prospects
! A; R$ [4 E( h; o2 c! t0 N1 sfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
$ E6 Q. y. y: ^. X" t2 ^( b% H; smarkets. Given the success of the policy and the heightened
' p- }0 V$ C7 m( R% k$ Zuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.