市场综述

小曲

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Signature Market Roundup
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2 ?4 o' z2 `9 U/ ]9 ?" J" |. qEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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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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0 M$ H# k/ s3 KThe second phase of the post-Lehman recovery in risky assets
1 a4 I* J' V" F! q3 wmay 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
+ i* D. _6 l! l* tphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
$ V0 W" k. N! `$ s. r# R, T$ B! C# \2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
  @% H: M6 p8 B& I8 Nand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
. v2 F+ u  o7 j3 K. I/ T8 p% P: uU.S. fi scal retrenchment and relief on the part of bond
3 }6 J' r9 z* Omarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
1 F5 _2 e1 z  N5 @neutral risk positioning.