市场综述

小曲

Signature Market Roundup


Eric Bushell
7 ?8 e" P, C2 Y! |: J9 i" uSenior Vice-President,
, ?, u* r( u# O* oPortfolio Management
and Chief Investment Officer
5 p* c- {6 I3 M6 W7 M# P; 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。

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
/ N2 V: B( i% y7 ]European sovereign crisis and a U.S. slowdown. The second
1 D  q2 i9 Y( a: n! e0 x& q  Yphase began with the U.S. Federal Reserve launching an
) P9 k. K$ u( F: ~  I0 G8 x/ ^unconventional easing policy dubbed QE2 in September
: i5 V; Y  \* K  q2010. This action saw investors exit the dollar and scramble
9 E, ~  L! K8 P7 bfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
7 l/ I3 V0 x8 iU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.