市场综述

小曲

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Signature Market Roundup

, }; y# f- G4 L6 L1 f% `1 n
8 i7 H/ L# v" e9 b# j% v* q, k/ iEric Bushell
Senior Vice-President,
2 d# {8 l6 s3 ?+ \5 E+ yPortfolio Management
and 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。

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
5 P) X  a2 ?; t7 |' AEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
. `3 v5 p2 v% D. }2010. This action saw investors exit the dollar and scramble
* W; m* B% R8 Y5 k% w( |) j- z/ Q' M6 ~for real assets ranging from property to commodities, credit
: x/ x4 y0 |. r2 N. m; a8 R6 wand equities. As we near the end of this policy, prospects
. O) j+ ]0 e. w) Jfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
; h5 ^& d, n  |4 Q' H" Q+ Umarkets. Given the success of the policy and the heightened
. a" U0 j; O. ]. \* {. C# n# v# |uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.