市场综述

小曲

Signature Market Roundup
" V6 E# D" b5 @- C/ @6 Z* g% I0 t

; _9 T1 o! Y( B* n" Q( W- Z+ C; y- xEric Bushell
6 q9 r6 \! \$ F2 {4 eSenior Vice-President,
Portfolio Management
" q9 Y1 N- G  J# z/ N) Fand Chief Investment Officer
; H- B3 K; B7 a* a% O. [7 N, H& z
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。
9 ]* q% z& j5 H* R7 |& p  m, b
4 y" @$ O4 D1 ^- s" z6 i6 @The second phase of the post-Lehman recovery in risky assets
5 W2 K# X5 t4 {5 N8 N1 Vmay 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
9 ~( `1 i1 F# E: O2 v" |phase began with the U.S. Federal Reserve launching an
6 K8 ]( w7 @6 H1 I# E" xunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
+ w) e, ]) X9 h: p6 a  h8 {! ffor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
3 R- Y# n3 i8 z, _+ bfor dollar stabilization grow; this would be helped through
# N- a7 ^  }0 z: PU.S. fi scal retrenchment and relief on the part of bond
$ P2 I6 e2 f- S# nmarkets. Given the success of the policy and the heightened
& _3 Y0 |7 j& m5 _7 runcertainties elsewhere, it may be time to move to a more
+ d4 O; ?4 }3 kneutral risk positioning.