市场综述

小曲

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* h2 K7 v; v! Z  J/ L2 \0 T5 W3 ^+ T. RSignature Market Roundup

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2 V2 u4 @( p& Y4 EEric Bushell
Senior Vice-President,
0 f/ D7 I& e/ Y+ n2 vPortfolio Management
* }+ B, J% q' j. E( T- h' e7 Cand Chief Investment Officer

* @5 F8 G# B! }) 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。
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The second phase of the post-Lehman recovery in risky assets
% t( y+ t# _5 _, z' Umay be drawing to a close in April 2011. The fi rst phase
! O, j! i! A  X( Q: mran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
5 S* _7 W( y0 d- u* y- aphase began with the U.S. Federal Reserve launching an
8 _* d  _% A" Z) tunconventional easing policy dubbed QE2 in September
- h+ x1 a6 U7 T5 e2010. This action saw investors exit the dollar and scramble
- e1 _  m! @6 e) y' Nfor real assets ranging from property to commodities, credit
1 X) D4 v; f  A' B% @  sand equities. As we near the end of this policy, prospects
$ @) X: X4 \7 Ffor dollar stabilization grow; this would be helped through
1 _1 x- t' s' ]' |6 l* p) [U.S. fi scal retrenchment and relief on the part of bond
& m/ R) h- l, W2 g; `3 n4 |markets. Given the success of the policy and the heightened
$ w! d  v% e& d: y" J2 Juncertainties elsewhere, it may be time to move to a more
neutral risk positioning.