市场综述

小曲

Signature Market Roundup

: j0 a' O, i8 e- @" e/ D0 C
Eric Bushell
% @1 x: F" O% T: L. l( ]) wSenior Vice-President,
Portfolio Management
and Chief Investment Officer
; C4 f; v# O( s/ l/ t: P5 h
1 Q! }0 K/ p& J) i) n4 P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。

; R- A! Z( }; HThe second phase of the post-Lehman recovery in risky assets
+ }' u3 [+ g. T& x8 e1 a) Fmay 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
phase began with the U.S. Federal Reserve launching an
8 U. j) [( M; V; _unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
7 y1 W, u0 P+ L' t9 c) Bfor real assets ranging from property to commodities, credit
+ P) L1 \5 i& v; pand equities. As we near the end of this policy, prospects
4 b  A' {0 f! W: V  z; k4 m9 Hfor dollar stabilization grow; this would be helped through
! R, O4 q/ h5 G" }; f+ }: w6 bU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
7 g7 M/ k. ^4 H, L4 k1 g! C5 `uncertainties elsewhere, it may be time to move to a more
. v' p) M9 _: D: p$ gneutral risk positioning.