市场综述

小曲

Signature Market Roundup

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Eric Bushell
. {9 ]8 P. S, BSenior Vice-President,
6 |6 A5 a* ^7 [& F8 e: }Portfolio Management
and Chief Investment Officer
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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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The second phase of the post-Lehman recovery in risky assets
/ J5 H1 `( U6 O5 n5 Tmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
# ]; _/ ?8 W/ r: r4 ]/ ^2 Gphase began with the U.S. Federal Reserve launching an
8 U% W- a0 [" _: Punconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
& u1 g  U/ n, T1 ufor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
8 c( H* }  C/ K# Y9 Mfor dollar stabilization grow; this would be helped through
! N) z7 B, w) e3 G7 VU.S. fi scal retrenchment and relief on the part of bond
) ]; F6 e* x9 f7 V" p1 p9 Y7 Xmarkets. Given the success of the policy and the heightened
9 U; h* }" ]4 L% q! c' R* |6 guncertainties elsewhere, it may be time to move to a more
* r8 m  k8 Z4 Q$ A3 N  gneutral risk positioning.