市场综述

小曲

Signature Market Roundup

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$ r9 T) I" s7 P5 GEric Bushell
8 l* {! G+ l/ i3 LSenior Vice-President,
; n  Z7 [& D5 ~/ e2 N  rPortfolio Management
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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The second phase of the post-Lehman recovery in risky assets
/ l: K2 G: f" m0 J7 ymay 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
" n/ m/ e" d/ q) _& n8 m# S8 `2 [! N. ~phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
$ |0 d, `5 q& P. Z' e  T+ B$ Y2010. This action saw investors exit the dollar and scramble
3 t8 j' ^# i. f& P% B- B6 }7 D* W; lfor real assets ranging from property to commodities, credit
7 s, C- X7 c. D; q5 t6 l! sand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
; S8 b& U6 c  v& a( T" w. I7 eU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
- m% G) y3 C7 Q- i# ]' `1 k. G  I1 xuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.