市场综述

小曲

# G0 d* I8 e1 a9 w0 W% X$ USignature Market Roundup
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Eric Bushell
) D# L8 {) {: n6 k! DSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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( q' b* a3 S7 \6 V2 Y8 a+ H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。
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- J: K  a6 l6 m  ^) @The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
, Y' x, {- ^( q) ^: @ran 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
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
+ [( r! T3 p" f( F' Zfor real assets ranging from property to commodities, credit
8 N1 J! }. b9 ~0 U0 I# ~and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
, L- _* G5 V. S7 k" aU.S. fi scal retrenchment and relief on the part of bond
" g8 u+ m# T  y( Zmarkets. Given the success of the policy and the heightened
- S; E5 @- J- E" Funcertainties elsewhere, it may be time to move to a more
5 `5 w' }% N/ U" u7 wneutral risk positioning.