市场综述

小曲

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Signature Market Roundup
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" _7 n/ M: W5 s7 X. Z4 ~1 NEric Bushell
Senior Vice-President,
1 m5 O8 H2 `3 {: `+ o/ @Portfolio Management
2 X; y8 {" n% {2 n- h( Y- Band 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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: y4 J2 P0 u1 f- bThe 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
/ R7 p3 ]# l+ }- G0 r% A) ?phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
. h7 @8 w! Z/ {2 e, ?1 w4 p2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
% ~, L& k3 K8 T  Land equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
# [6 M3 h, U0 z! Z5 C- fmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.