市场综述

小曲

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Signature Market Roundup


, V. [1 p9 v) Z7 G9 V. zEric Bushell
0 g0 Z' k" O) `- a4 ]. [6 a2 XSenior Vice-President,
! u( A& v6 a! K# I( bPortfolio Management
: a' x: a0 ^5 ]and Chief Investment Officer
. d5 i4 n$ R* e: Z4 {
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。

; y1 g; W5 {# k* w% w5 J9 h. ?  S& AThe second phase of the post-Lehman recovery in risky assets
+ q" T* W' O9 [- @0 Vmay be drawing to a close in April 2011. The fi rst phase
1 x% P+ V; |: v- f0 [& Eran from March 2009 to April 2010 and was halted by the
, H4 g* ~; O* B; U' ]# _European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
% U8 y, j8 g& k% y8 h# ~2 @unconventional easing policy dubbed QE2 in September
; M. J; ?0 z; v5 A0 P3 g% X" `7 F7 C2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
8 X% G* C4 v+ J5 J" ~' \4 G# }and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
, G5 d* `: L- r: ~9 F' q8 ~U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
3 ~! ?9 q  p7 @# suncertainties elsewhere, it may be time to move to a more
neutral risk positioning.