市场综述

小曲

0 Y, h) @7 J* J9 J( K* \7 B4 ]
Signature Market Roundup


Eric Bushell
Senior Vice-President,
" \* J- G; Y) a/ x& R* lPortfolio Management
and Chief Investment Officer
, G# n3 n! ^9 j. ~
4 I+ y7 K6 M: O- n! [  }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。

& \- C2 I6 S# k! nThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
$ u& R# O9 F& w( fran from March 2009 to April 2010 and was halted by the
5 s* V6 c) J) p& K" @$ [European 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
+ s8 `6 T5 a; y2 |2010. 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
9 \) l8 h- l, G4 A) M6 p3 r# `8 t+ Jfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
+ C# k( ]7 z4 `markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.