市场综述

小曲

$ J$ x0 n9 x8 h" L" A( e+ q) {Signature Market Roundup

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8 H6 k3 c0 |5 N- b' DEric Bushell
3 i+ M+ x6 I6 Z1 M+ g1 L: N  VSenior Vice-President,
' _+ j( z  n, w; f& ^$ D7 OPortfolio Management
and Chief Investment Officer
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& t4 q4 p3 `+ N$ K/ d/ r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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: Z1 |* C& V9 S) ?/ p3 l9 i) d6 bThe second phase of the post-Lehman recovery in risky assets
0 k' o) X) X! ], O4 @# B/ Pmay be drawing to a close in April 2011. The fi rst phase
2 L6 d$ v7 M, }2 U7 y/ Q8 lran from March 2009 to April 2010 and was halted by the
3 c2 z: R) b; R" w$ sEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
* {. d9 }$ b! V) iunconventional easing policy dubbed QE2 in September
+ r: Q2 B1 p. B' f2010. This action saw investors exit the dollar and scramble
& a3 V5 n, l" Q4 _7 o5 Kfor 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
7 m. p% R* m& i: d* C9 aU.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
$ n( \) Z* p" ]5 D5 S+ r- i8 xneutral risk positioning.