市场综述

小曲

5 r4 _7 J' r# c# I6 X* ?# b: J1 DSignature Market Roundup
. ~( y+ q5 l" M! L" ]7 l

Eric Bushell
% t. J+ ^% u+ m4 JSenior Vice-President,
Portfolio Management
5 s& `, x0 X+ t. `) n, Cand 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。
- Q0 }: b: ], o
The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
) Y% T$ v8 C- a/ C3 cran from March 2009 to April 2010 and was halted by the
: V- Z0 ?9 A& s) f, `! b# k" uEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
% L- g9 N; d8 l( K; N% W1 ?/ aunconventional easing policy dubbed QE2 in September
* l. F2 x7 L$ z$ y5 [! y2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
% J4 E( K' i; \4 ~% Q1 Kfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
& I1 j7 Q7 Z, C7 p& d4 Mmarkets. Given the success of the policy and the heightened
! r. c' E1 A8 v3 Suncertainties elsewhere, it may be time to move to a more
neutral risk positioning.