市场综述

小曲

4 x0 e) \& x6 F: FSignature Market Roundup


' k7 r/ \, f% kEric Bushell
Senior Vice-President,
8 u" N! R- o2 o+ z" b' |7 G  iPortfolio Management
and Chief Investment Officer
$ ?2 ~4 x% y) N. b( W( W$ B
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
European sovereign crisis and a U.S. slowdown. The second
6 a7 g: N0 f: x# X9 I  aphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
5 \9 p  F/ ?; O6 Z2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
0 B0 E# ]8 [3 i& v( ~for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
* O: e& h6 n1 h0 I9 B5 s$ n( P- ]markets. Given the success of the policy and the heightened
! c- g* n) i" p2 c- W( B2 e0 o  Euncertainties elsewhere, it may be time to move to a more
* Q. L0 p( Z% V) n0 ^: |' xneutral risk positioning.