市场综述

小曲

% G6 v) S1 T4 \0 b# M( j! WSignature Market Roundup
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; i6 d# e- ~2 ~9 KEric Bushell
Senior Vice-President,
  u8 V7 L% }. _  a4 ?1 y+ g# f% T& KPortfolio Management
- {& _% _8 c7 y& Q, @and Chief Investment Officer

: f* s* r; {3 b) o6 a8 E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。

, x; Z. y0 [9 y- {* YThe second phase of the post-Lehman recovery in risky assets
- {% U" Y+ H# Hmay be drawing to a close in April 2011. The fi rst phase
6 |: g, s0 k" N/ n9 M  b- t! bran from March 2009 to April 2010 and was halted by the
0 U: }. _7 L3 q% ZEuropean 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
- E# M3 f  t& e0 v1 x2010. 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
) N* E5 n) s: O5 x. C. }3 o0 b8 |for dollar stabilization grow; this would be helped through
+ b2 Q; {! Z# P& [; E7 |& iU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
5 h' A/ T' \5 q! a1 c4 Eneutral risk positioning.