市场综述

小曲

0 R4 X; E$ H( {/ y% s0 }6 @: vSignature Market Roundup


Eric Bushell
Senior Vice-President,
) W' V  O/ o$ ~+ J3 i, {" x! gPortfolio Management
and Chief Investment Officer
& a; V4 r" D: ?6 y- P! W
4 k, \0 Z* U2 h4 `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。

The 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
$ @; M- O' u% [+ ?8 k9 }European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
, X2 S& {' T6 m+ J# o: Y0 L: Runconventional easing policy dubbed QE2 in September
3 |/ v: s# S: ?) }5 {  I2010. This action saw investors exit the dollar and scramble
9 T1 {' _7 H; w( b+ mfor real assets ranging from property to commodities, credit
3 J) a3 }/ a7 P0 M9 h' q! a( f- p- Pand equities. As we near the end of this policy, prospects
3 x3 q& C% @3 `5 l* ]for dollar stabilization grow; this would be helped through
  r2 h6 X+ R2 E3 ZU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
$ m) D9 O+ ]- N0 |6 }8 }neutral risk positioning.