市场综述

小曲

" j6 y$ a0 D. v1 m, J. K. wSignature Market Roundup


8 J. o, Q' t* r! o" JEric Bushell
. U" C7 [. A3 F) S) r/ PSenior Vice-President,
Portfolio Management
( z* ?1 [+ V, l1 r" iand Chief Investment Officer

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
ran from March 2009 to April 2010 and was halted by the
7 H3 B" W5 i& \8 _European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
; ]6 ~1 N8 [; b! c5 Vunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
' G# M! H1 r6 x0 ?; b  Mfor real assets ranging from property to commodities, credit
8 u7 u8 d$ k7 h" \! {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
3 ~" b1 T) r* |9 Zmarkets. Given the success of the policy and the heightened
; H/ N1 a5 R0 buncertainties elsewhere, it may be time to move to a more
; f: a, J, Y( z- x4 ?2 Y) oneutral risk positioning.