市场综述

小曲

0 R& [1 @7 O9 b0 P$ y% wSignature Market Roundup

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/ [3 k% O% v6 KEric Bushell
2 H* J  ^" H9 w" E/ c& DSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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# q. c2 z' i5 ^+ F1 y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
' M: `. [! l7 V& X4 lmay be drawing to a close in April 2011. The fi rst phase
* K5 H& M1 d& `8 A% v: dran 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
& r- a1 |: |& @2 P8 Punconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
2 g" W1 ?) S& M: X* V2 p% U* rfor real assets ranging from property to commodities, credit
- v3 q5 R8 i4 Pand equities. As we near the end of this policy, prospects
6 l1 `2 y  ~5 @- O$ ufor dollar stabilization grow; this would be helped through
3 U# a* ^3 ^% |7 ~* VU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
1 k( c" e3 G/ _) H; Luncertainties elsewhere, it may be time to move to a more
  }' w. Z/ J$ @* {neutral risk positioning.