市场综述

小曲

$ t* u3 K! ]# u# k# _Signature Market Roundup
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Eric Bushell
Senior Vice-President,
- D, k" x; V* h2 C/ MPortfolio Management
3 B4 A+ H1 I- c# ]( kand 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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7 \" w# N4 S. ~5 k; i  u4 I7 cThe 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
4 w: o+ @& `' }* }, E$ nphase began with the U.S. Federal Reserve launching an
! l6 ~* E0 Q1 v' L0 B6 L0 Dunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
* V3 m9 s% [, X1 h( b% a" ~$ ~for real assets ranging from property to commodities, credit
" |7 n' t3 }2 [and 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
! ^4 f! L4 w; W! [" amarkets. Given the success of the policy and the heightened
! f8 N, B; t" M; d/ r) `. O- Nuncertainties elsewhere, it may be time to move to a more
: S/ t& b" O/ i7 U9 dneutral risk positioning.