市场综述

小曲

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4 w2 c4 t0 g2 @- P5 `7 xSignature Market Roundup
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& r- v2 ~( s, P5 h, sEric Bushell
- i) a+ M1 S0 i3 p: e1 RSenior Vice-President,
0 r6 m; r$ s4 J7 e2 T. aPortfolio 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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- I+ z  N; Y/ v% s7 Q; r5 XThe 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
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
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and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
( G8 c  R) V- f, n8 O! j/ zU.S. fi scal retrenchment and relief on the part of bond
2 ?. j" Z& z1 Y$ P* \markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
, R4 B1 ?: b8 Z7 _9 ^1 e% ^neutral risk positioning.