市场综述

小曲

# _1 [* s, H; ASignature Market Roundup

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1 I# o8 N6 k( ]/ BEric Bushell
Senior Vice-President,
9 O; B! U3 D5 e6 U6 WPortfolio Management
& a- s' _& N$ Zand Chief Investment Officer
1 s) y' D$ ^/ H  g
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。

) W/ V3 \0 n, B0 O$ ?The second phase of the post-Lehman recovery in risky assets
. a+ O& ~& l+ b5 b: Tmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
/ |: G8 F2 a4 `- }6 s, H& HEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
8 v7 l$ G0 e, p- r8 J9 k3 funconventional easing policy dubbed QE2 in September
" C6 Z( ]8 E. J  L: z7 ^. O; E" O2010. This action saw investors exit the dollar and scramble
& i: ~- T8 h5 N/ `for real assets ranging from property to commodities, credit
- s9 |/ [5 [# G# h" T- {9 Yand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
8 k* L5 @8 L7 K! o* s! c3 nU.S. fi scal retrenchment and relief on the part of bond
3 }' i7 f, m6 ~/ `: t! wmarkets. Given the success of the policy and the heightened
) t8 k2 E# Z$ {+ F# ?uncertainties elsewhere, it may be time to move to a more
. d" B6 b3 b; V7 T- G& [+ Nneutral risk positioning.