市场综述

小曲

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Signature Market Roundup
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  }- s- M) ]/ a. \$ o3 H# @# \Eric Bushell
Senior Vice-President,
Portfolio Management
) ?1 X7 T: b! _4 Z2 t3 Iand 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。

4 `- `2 F0 [) c  RThe second phase of the post-Lehman recovery in risky assets
: `- d6 h6 ^* r; Emay be drawing to a close in April 2011. The fi rst phase
+ @4 H0 P' z3 i8 _" F0 M, Aran 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
6 o. I( F- E$ Q& V5 ~: `unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
+ @6 P, ?" h6 V0 mand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
; ~% t& v4 Q# d3 Z8 xmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.