市场综述

小曲

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Signature Market Roundup

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% a( u! U& \) L' P0 a) YEric Bushell
+ n0 D5 p/ a( USenior Vice-President,
Portfolio Management
and Chief Investment Officer
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5 h* G/ Y5 }  }  i7 ^# h9 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。

6 E0 T& Y: e( C3 _* tThe second phase of the post-Lehman recovery in risky assets
" y8 o5 Q! r( g3 [2 Smay 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
. r0 X( K$ b4 d# X) ?8 G! ophase 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
( {9 l8 N/ B7 i, h" ~% Yfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
0 P* J# c+ o- ~5 QU.S. fi scal retrenchment and relief on the part of bond
1 k4 J6 z( p/ B$ _, Wmarkets. Given the success of the policy and the heightened
6 ~1 @7 D( |& k4 \uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.