市场综述

小曲

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Signature Market Roundup
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' D! X6 E+ [6 t' F# \Eric Bushell
2 w6 |  ~0 v/ e( cSenior Vice-President,
Portfolio Management
! J" V: h. y/ }: B0 uand Chief Investment Officer
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  X, a  M, v" e' o7 a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。

; z, j! X) q; [3 zThe second phase of the post-Lehman recovery in risky assets
% h% H: M& k  n4 P2 J% fmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
" |5 A/ K" t/ ?0 [$ uEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
' R4 u" i& n, r2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
1 ?1 J% G3 @; l8 E$ I- {6 m- e; {4 jfor 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
6 V/ |/ _) S6 k3 ~3 l8 m# ]/ luncertainties elsewhere, it may be time to move to a more
neutral risk positioning.