市场综述

小曲

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. ?/ e: ^* G# F! dSignature Market Roundup

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  a, e7 P7 \2 W/ [. `Eric Bushell
! N5 e" I5 ]6 E2 O9 MSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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9 F7 {- Y6 G" w9 u5 w; r( D0 q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
3 d' K* M3 \; }' z" nmay be drawing to a close in April 2011. The fi rst phase
" F2 y2 l: F2 tran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
" a% p4 B; C+ p$ F6 K" uphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
' L! z2 H6 K4 X. Y4 t' F/ T& n2010. This action saw investors exit the dollar and scramble
* c7 t" ^* [  l  n5 o% F: Ofor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
. S7 J) Y5 v% E8 KU.S. fi scal retrenchment and relief on the part of bond
( o* ^4 Y. W- cmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
, n3 Y( L+ s  }" i  Cneutral risk positioning.