市场综述

小曲

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Signature Market Roundup

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) X2 B5 P5 |+ v, OEric Bushell
1 u5 B. G& ~5 k! qSenior Vice-President,
( Y4 j9 X; s( U, N3 h# yPortfolio Management
9 X& ?% Q5 @- I* n/ ]5 Y' [and 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。

The second phase of the post-Lehman recovery in risky assets
' E) J0 ?7 X( J6 J; J4 ymay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
6 U+ Y5 g1 g& D* K4 W& K2 S( IEuropean sovereign crisis and a U.S. slowdown. The second
! N- d* |' \5 Z% A& x6 N$ y4 Pphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
+ F. @) w" `1 H: Q2010. This action saw investors exit the dollar and scramble
1 H9 j. l4 H# t% l. afor 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
# X  H1 {& F* W' j8 f  F6 cmarkets. Given the success of the policy and the heightened
/ e$ r2 |! x; h# _uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.