市场综述

小曲

: a. s; @7 {$ n9 L  X
Signature Market Roundup
3 ~7 K6 M$ Z) g( z% }
+ R5 ~9 g: M/ u
Eric Bushell
( \# B# R% [1 YSenior Vice-President,
Portfolio Management
% v: m0 u$ T" \. X+ uand 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。

# N  B/ d( a4 \The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
7 D" ?$ ~: q7 V! \& n+ fphase began with the U.S. Federal Reserve launching an
  z, ^' z" S- }+ e- qunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
0 d4 ]3 j( m( [* band equities. As we near the end of this policy, prospects
* |+ }" ]: w* K7 \for dollar stabilization grow; this would be helped through
) t$ D# t, [$ x* x) F5 {U.S. fi scal retrenchment and relief on the part of bond
. @/ _: ]! c' x9 T1 x9 _markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
9 i: D0 b, t; C$ ]4 K! @neutral risk positioning.