市场综述

小曲

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- E: R& D* t6 E1 @2 O7 a2 P- ?Signature Market Roundup
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5 X# A  [/ p* A1 G! l, f8 d3 gEric Bushell
Senior Vice-President,
4 W# A! W# Y$ bPortfolio Management
. a) d: N! B( mand Chief Investment Officer
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8 e% X+ b) V+ X. E3 _# i/ r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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; l, _# Y1 I4 Q$ s/ H2 yThe second phase of the post-Lehman recovery in risky assets
may 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
5 _( d8 i* K; B) runconventional easing policy dubbed QE2 in September
2 L1 P& V  _' Y1 g* j: [2010. This action saw investors exit the dollar and scramble
5 I$ _" R1 w* D! ]  E  Pfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
+ ~" E! q1 i6 S. n- h# d% Xfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
' s' Z7 `, q0 |, Tmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
" p* S) q- B( Q$ B2 Z* Fneutral risk positioning.