市场综述

小曲

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Signature Market Roundup

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Eric Bushell
2 T  d( @5 N$ _. ]4 I) E9 sSenior Vice-President,
$ K( g/ k* x% V7 k! N" {7 I5 bPortfolio Management
; G$ z' q; D; s3 c# |0 _and 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。
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3 Y9 k7 E6 s/ \+ w( P2 T1 z5 V: XThe 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
3 W! R  E/ k& ~# n; Y- KEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
& z# A0 a, E0 ?6 Hunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
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' f2 _. x" g* m* t- z% F' C) M8 f% Sand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
$ K+ Q& T' u* w3 fU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.