市场综述

小曲

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Signature Market Roundup

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- m1 D& a5 t, x' u4 B$ |Eric Bushell
) ~6 z: l$ x5 w% H' U. H7 GSenior Vice-President,
% Y. i* r4 a( i: p, YPortfolio Management
and Chief Investment Officer
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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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) e! l/ x1 ~4 s3 y* R' B" i  ?4 hThe 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
European sovereign crisis and a U.S. slowdown. The second
* a( ~  @8 ?/ A) H2 G# J, Uphase began with the U.S. Federal Reserve launching an
  a' W: a$ A3 K& o! i. ~# zunconventional easing policy dubbed QE2 in September
2 X: j- Z- L7 s' y4 ~: Z9 v- Q2010. This action saw investors exit the dollar and scramble
3 f3 }' E2 I; bfor 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
U.S. fi scal retrenchment and relief on the part of bond
, a0 e9 Y) w1 m3 N, \9 ]8 ^( hmarkets. Given the success of the policy and the heightened
! j$ i; N7 r4 Nuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.