市场综述

小曲

Signature Market Roundup
5 M  g# g5 F1 f' ^$ I9 n( I) r

: N2 z* O, ~: f- H. j$ w' G* s; z2 z3 CEric Bushell
' C% a* v' a' [9 [# I& xSenior Vice-President,
Portfolio Management
and Chief Investment Officer
: z4 {. K( r* B) P7 x- E4 N
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
European sovereign crisis and a U.S. slowdown. The second
6 P/ `: d; W) Q! @+ u4 a0 d8 lphase began with the U.S. Federal Reserve launching an
' u1 X. W. S5 y: _unconventional easing policy dubbed QE2 in September
6 s4 z" \; U/ x& c6 w3 F2010. This action saw investors exit the dollar and scramble
, @* q+ M2 r- H* [% c: ?for real assets ranging from property to commodities, credit
, f8 V. _$ i* N& ?; u* x" d7 A; zand equities. As we near the end of this policy, prospects
3 r* ^4 s2 |1 Tfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
& j8 W; G) r7 t" `1 G' P) M6 Mmarkets. Given the success of the policy and the heightened
' |$ L) f# F: }, yuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.