市场综述

小曲

Signature Market Roundup


Eric Bushell
0 d( T% }# Y; x) @( Z, }4 |Senior Vice-President,
; v3 s# X5 a! W$ x) m) _/ }3 DPortfolio Management
and Chief Investment Officer
1 m7 l; ]7 G! |! k6 @
' c6 G) q. Z) k0 u. C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。

The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
1 W( a. h8 B& l* u; W4 ^: G) V9 Nran 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
! ]6 q# \' q  R" L% eunconventional easing policy dubbed QE2 in September
6 |% ]& o9 ~7 H& P' ~; i2010. This action saw investors exit the dollar and scramble
9 d3 D: }9 Q) b% }9 P# c- ifor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
: ]1 H8 @! T2 H9 c- z- pfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
5 w1 y8 b( G: I' x5 Tmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.