市场综述

小曲

  U1 Q: I4 |$ Y
Signature Market Roundup
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$ E: |. \+ c- q  o# R; {Eric Bushell
+ m# `  y: p6 o( k% sSenior Vice-President,
, d$ N; m+ w' Q" P9 A- DPortfolio 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。

3 E! o2 k! ]  z9 VThe second phase of the post-Lehman recovery in risky assets
: S1 W! X  z0 L$ mmay be drawing to a close in April 2011. The fi rst phase
$ A! W" y: Z- W/ P* v3 V/ Nran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
! ^* y3 j0 N  J+ n* Kphase 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
& ]. W& y! h" U  m, w% \8 M+ R4 ^! Qfor 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
$ |& `* f, D  d) h3 |0 guncertainties elsewhere, it may be time to move to a more
* _" h% h  N) o! xneutral risk positioning.