市场综述

小曲

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& c  b0 }' ^4 L$ X  G; q! f; S7 YSignature Market Roundup
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Eric Bushell
8 L6 W6 o) r, YSenior Vice-President,
) w& Y& B6 x, A$ `+ SPortfolio Management
% E& B6 B1 `9 G6 c. zand Chief Investment Officer

1 G# E" E! Z% L3 z) E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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' |1 ^' r* k6 ~1 \- hThe second phase of the post-Lehman recovery in risky assets
  E% P8 g3 f' d/ Wmay be drawing to a close in April 2011. The fi rst phase
2 H7 Y; W, m8 o- R; v! Q2 [6 Kran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
' B: c0 Z8 a. N6 c2 s* ?( Wphase began with the U.S. Federal Reserve launching an
1 X" I. o2 z1 z1 y8 runconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
6 i* r0 I( p+ R1 V3 x$ l- ofor real assets ranging from property to commodities, credit
5 T+ W. W& w, ~4 K: _0 Kand equities. As we near the end of this policy, prospects
( C* ?8 r0 F# x3 Z7 @for dollar stabilization grow; this would be helped through
: V6 @$ k5 R( B" @0 h# oU.S. fi scal retrenchment and relief on the part of bond
* g* A; W. f" {9 F7 j$ wmarkets. Given the success of the policy and the heightened
# l) h! q, i1 h& Euncertainties elsewhere, it may be time to move to a more
neutral risk positioning.