市场综述

小曲

Signature Market Roundup
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, t; q5 S3 S" T7 q3 nEric Bushell
Senior Vice-President,
1 X% @8 ~& |3 |+ J7 FPortfolio Management
8 z2 Q* ~1 k. [" j2 s, Xand 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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, g  m% K+ b) qThe second phase of the post-Lehman recovery in risky assets
0 S+ \) e& d% Z3 L% k4 smay 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
phase began with the U.S. Federal Reserve launching an
/ s! p; H( a1 T  m6 ?" Q2 c) eunconventional easing policy dubbed QE2 in September
# d; @4 m) R1 ?+ U$ e- ^2010. This action saw investors exit the dollar and scramble
! [( v6 c" H4 [- H0 z* zfor 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
: F: Y' S2 M/ u/ S; F, p3 VU.S. fi scal retrenchment and relief on the part of bond
0 }) M. R+ ]2 ~) u0 S" O1 umarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
  A& g( Z( a) |4 T* bneutral risk positioning.