市场综述

小曲

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* ?( e9 T% R$ g' @Signature Market Roundup
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Eric Bushell
Senior Vice-President,
5 ?$ u6 B' g8 }7 jPortfolio Management
and Chief Investment Officer

9 S. O$ T2 p" Y$ Z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 I( i$ b* l) x* KThe second phase of the post-Lehman recovery in risky assets
6 X0 j) Z* o4 q8 N1 Y6 z1 H, _may be drawing to a close in April 2011. The fi rst phase
4 d# k; g: y5 h3 `( z2 N* R% nran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
* J5 |5 j% ]9 g" `( Qphase began with the U.S. Federal Reserve launching an
; }  r- `" a* X* `  bunconventional easing policy dubbed QE2 in September
- I) J: b6 g2 {3 S2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
1 V. L) T9 W1 yfor dollar stabilization grow; this would be helped through
9 j7 U6 Z4 m2 {. E- ]U.S. fi scal retrenchment and relief on the part of bond
/ `3 `' g5 l. x3 \& d1 Kmarkets. Given the success of the policy and the heightened
; Y6 r6 O3 b5 @6 w9 H3 xuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.