市场综述

小曲

Signature Market Roundup
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/ O- \& m* x+ LEric Bushell
: s* N2 q' O4 nSenior Vice-President,
, ~4 ~( L: J8 q+ k% N4 x% QPortfolio Management
: `/ }6 i! ~/ w0 Qand 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。

! i# C0 P1 Y/ e8 a9 kThe second phase of the post-Lehman recovery in risky assets
1 d9 I, P6 t7 J0 i  ?may be drawing to a close in April 2011. The fi rst phase
7 C3 v( C# I! ~ran from March 2009 to April 2010 and was halted by the
. k* i0 U! w/ J. B0 t) e8 OEuropean sovereign crisis and a U.S. slowdown. The second
+ ]% Y7 @& N% Q: {6 d2 [phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
/ U3 N) l. T* z& q- ?$ Y. \( m2010. This action saw investors exit the dollar and scramble
  y( h6 W& x& n/ n- N0 G9 P) ^for real assets ranging from property to commodities, credit
: j$ M) {5 q" ?5 Mand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
; J( }4 O) e3 WU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
. N5 \2 _2 h9 C7 Juncertainties elsewhere, it may be time to move to a more
neutral risk positioning.