市场综述

小曲

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0 \: [0 ]  h$ VSignature Market Roundup
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Eric Bushell
Senior Vice-President,
2 }) i& u7 z7 i8 G- Z7 y2 k  Y: ?Portfolio Management
5 [, j7 i5 e6 N5 t$ s* O# _+ nand 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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The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
8 U6 J$ I. L; n! Aran from March 2009 to April 2010 and was halted by the
3 |8 n! Q- o  Z" u1 i; {* iEuropean sovereign crisis and a U.S. slowdown. The second
* d) R1 V+ U' L4 B/ Tphase began with the U.S. Federal Reserve launching an
" V4 ?4 U$ s5 l1 `( @5 l( t1 r. ~unconventional easing policy dubbed QE2 in September
' `- s9 X% e5 E5 v  ?2010. This action saw investors exit the dollar and scramble
$ x1 y$ {/ d  e4 B9 rfor real assets ranging from property to commodities, credit
/ d  n; l  j2 I# q8 T2 kand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
, z( f1 ]7 d/ T; H8 ?U.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
, Q3 z/ [+ X9 P$ G3 M. bneutral risk positioning.