市场综述

小曲

Signature Market Roundup
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& z( H2 U8 x, T* F- c, d9 {Eric Bushell
) ^2 u& D+ B/ z. G7 J" B9 sSenior Vice-President,
7 ^8 C8 M+ s6 N$ E% cPortfolio Management
+ U: N0 r. B2 X/ hand Chief Investment Officer
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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。

1 w3 }- a4 P2 h0 u9 cThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
1 O: p7 t- S8 q. E6 E) M) N+ s; u& p* gran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
, @4 b2 A' Z1 M9 \' B1 vphase began with the U.S. Federal Reserve launching an
# T6 R- f. F1 ^0 t2 _* Lunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
3 ]( p+ H" D! Z5 F) E9 Zfor 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
markets. Given the success of the policy and the heightened
  m0 \3 V8 i6 B* m; d- k+ |6 uuncertainties elsewhere, it may be time to move to a more
1 a' t- Z9 f- O0 c+ z) N2 D6 [neutral risk positioning.