市场综述

小曲

+ e9 L8 X, M* j* J7 i6 _4 ASignature Market Roundup
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Eric Bushell
2 F( k8 u% d  I$ G% F4 L, c  `Senior Vice-President,
. z- z6 R  r# m; r! }Portfolio Management
and Chief Investment Officer

" U. W4 O, l, G' S$ Z1 Z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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/ V, B. @! J& bThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
, M9 [7 P" i2 Y1 s, P. t( lran 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
: i6 p' X' ?0 @1 L3 y  junconventional easing policy dubbed QE2 in September
- _; s9 T' e' g) w1 S- d2010. This action saw investors exit the dollar and scramble
$ A3 u% U8 m. C! @6 m9 R* vfor real assets ranging from property to commodities, credit
8 D8 J! p- O. Q1 E# Tand 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
( x  i' e8 M% y& duncertainties elsewhere, it may be time to move to a more
" U/ K; K0 ]3 oneutral risk positioning.