市场综述

小曲

Signature Market Roundup
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# z8 G1 N1 r/ s  V, T$ m! @/ H$ yEric Bushell
) P1 t* ]& C1 D! I& Z5 h% k2 RSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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; e( x( e: @$ n1 `; _8 L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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* a0 F9 u# o# H! @The second phase of the post-Lehman recovery in risky assets
3 E" I/ \6 `; O5 F% _2 u: `  xmay be drawing to a close in April 2011. The fi rst phase
* Z5 O/ b+ e7 z6 tran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
5 [$ t  |7 g, Q/ s& L1 }% zphase began with the U.S. Federal Reserve launching an
: s3 n* C) k3 @. N: ~8 w: ]' uunconventional easing policy dubbed QE2 in September
; J, Q$ K8 j2 L* Q# M) K2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
: v, S0 n) I/ L1 ^/ Qand equities. As we near the end of this policy, prospects
& R. m# u$ [0 S: P/ Jfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
6 C  x2 c9 \3 K0 }' ?! R9 x2 S/ Tmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.