市场综述

小曲

  H& ?4 }/ y; [Signature Market Roundup
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3 j( l& R9 Q( r2 @& i
- p3 t/ g6 ?/ A1 {4 O& n1 G. yEric Bushell
, q& ?: }8 Y, l% f7 V# e+ mSenior Vice-President,
Portfolio Management
7 J8 J6 D+ o7 x) }% X& Hand Chief Investment Officer

# x( O/ v* F) \! J8 X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。

) j& p# K. O4 ?& p# s) _2 kThe second phase of the post-Lehman recovery in risky assets
. s/ a# X, b( h' Z4 D. Nmay be drawing to a close in April 2011. The fi rst phase
9 U, Q: M5 J1 A# }; eran from March 2009 to April 2010 and was halted by the
3 ~1 N' `6 m+ BEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
0 y* }3 e3 x5 p# l' x- L$ f0 vfor 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
9 b) t2 p4 V) v" W0 u- VU.S. fi scal retrenchment and relief on the part of bond
2 P% R; Y/ I  t; c6 ymarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
0 Y- Z" q/ f" Lneutral risk positioning.