市场综述

小曲

! r4 c/ B/ r  h$ e$ i
Signature Market Roundup
1 b; O5 u+ p4 r7 \5 m( p7 F7 o
+ e2 Q$ O- G- P( |9 g# L. g
0 @( D) x6 w7 dEric Bushell
, o/ N( L  k! X' G$ NSenior Vice-President,
, F, O1 T5 k3 I3 R1 q3 W: uPortfolio Management
  T4 b  O3 U( X: oand Chief Investment Officer

/ j4 ^8 h& m0 \! F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。

3 B1 R# \2 d. BThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
( ?$ H: {7 p  i) K2 kran from March 2009 to April 2010 and was halted by the
& G1 I- s% D  ]8 VEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
. Q" H# }' c: J( p7 @5 ounconventional easing policy dubbed QE2 in September
+ U  @# u1 V6 y' I8 O& l: l& w2010. This action saw investors exit the dollar and scramble
& g' s8 l, v) O3 M7 O: Wfor 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
U.S. fi scal retrenchment and relief on the part of bond
1 B: N7 g  _+ A; I7 A( I* ~markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.