市场综述

小曲

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/ r, l/ _6 f+ `Signature Market Roundup
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Eric Bushell
Senior Vice-President,
$ t7 h2 b8 s% `' _7 C- APortfolio Management
and Chief Investment Officer

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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1 N- W3 |* f( n$ R7 _The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
9 \6 U( u& w  j% k8 \ran from March 2009 to April 2010 and was halted by the
  B5 m1 w) C; _+ P0 v  f! IEuropean 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
# s. i! |7 e2 Q6 ?* d% x! ?% P& 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
U.S. fi scal retrenchment and relief on the part of bond
. ]7 ^7 g6 A- h- ~0 X2 _markets. Given the success of the policy and the heightened
6 R8 v) }* s, D4 ~uncertainties elsewhere, it may be time to move to a more
# r( M8 H# u' n" S7 d4 u) ^neutral risk positioning.