市场综述

小曲

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Signature Market Roundup
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Eric Bushell
  v! l: R4 h5 ^7 f& cSenior Vice-President,
5 A; Y$ |' @$ SPortfolio Management
9 j0 v$ l: W- y9 gand 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。

# I( {, A$ _: ?" O3 _0 r, @$ B& UThe second phase of the post-Lehman recovery in risky assets
& s+ ]# w% J+ K1 ^; p8 imay be drawing to a close in April 2011. The fi rst phase
8 P7 c6 J+ {( L( r% kran from March 2009 to April 2010 and was halted by the
3 H) a; g9 X5 a, X( J* D* }European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
( w. e7 x1 ~; u3 x  [  Wunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
( g0 G! f+ Z" B; qfor real assets ranging from property to commodities, credit
9 l0 t! |  j4 oand equities. As we near the end of this policy, prospects
2 {3 ]9 M$ ~  w5 P4 xfor dollar stabilization grow; this would be helped through
7 A: [' B; E4 _  n% ]0 TU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
$ d! E' [5 ~2 K' L. z! p/ muncertainties elsewhere, it may be time to move to a more
neutral risk positioning.