市场综述

小曲

Signature Market Roundup
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5 V4 ?3 A  O& K% sEric Bushell
Senior Vice-President,
4 `& F* @: R, \! ^* q' J& A" KPortfolio Management
and 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。
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The second phase of the post-Lehman recovery in risky assets
/ b4 G' |, t* r7 f4 T/ zmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
: Q! J1 l# G! d/ q. \European sovereign crisis and a U.S. slowdown. The second
: G8 g6 s4 c- g  rphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
3 e1 p' I. n! p6 V2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
! |, f1 s3 E, Iand equities. As we near the end of this policy, prospects
, O/ c6 w& t4 N. `. a, j& a% n% Dfor 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
5 g/ i* ]; ~2 k* ^3 f; Vuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.