市场综述

小曲

$ W4 L% t  R& \  w( \& I' \Signature Market Roundup
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: f# x1 ^! s4 _# f4 b6 i; \# EEric Bushell
Senior Vice-President,
Portfolio Management
# O+ o" N+ W2 S" G3 l9 \' m0 aand 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。

+ z7 m  x9 P. D: vThe second phase of the post-Lehman recovery in risky assets
* a5 q$ f4 O2 K$ I0 x' `may be drawing to a close in April 2011. The fi rst phase
7 |9 r, H4 \2 s$ F7 \( G! x" aran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
' j, a/ r" m8 `phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
+ P! C/ k  w' Y& i4 l2010. This action saw investors exit the dollar and scramble
0 S' n5 S% K, G  O2 Jfor real assets ranging from property to commodities, credit
6 ]+ `0 a6 l$ d8 ~and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
+ W/ Y6 \9 {! R" ]- M) uU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
5 ~" |/ }) @2 }5 N' x' Runcertainties elsewhere, it may be time to move to a more
; V, T) {5 W  p3 v* F- ]% bneutral risk positioning.