市场综述

小曲

Signature Market Roundup
5 L2 s9 E/ m" Y

* c9 f* {7 F( ~% E2 {# P0 h5 GEric Bushell
Senior Vice-President,
" H. {/ j8 D' sPortfolio 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。

The second phase of the post-Lehman recovery in risky assets
  T* v) \( V- k" h, Imay be drawing to a close in April 2011. The fi rst phase
6 O) H1 R5 G0 ]5 Wran 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
* j, f, ^/ w+ E, Q; xunconventional easing policy dubbed QE2 in September
9 m9 h* P9 Y* V& S5 C0 s2010. This action saw investors exit the dollar and scramble
- v# y' g5 u- l5 d* Afor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
! o- J' M* o  J8 @2 [! Rfor dollar stabilization grow; this would be helped through
) C2 z, n* w' `( t7 V! qU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
: K/ l' T$ J$ z( r2 `6 Z4 Runcertainties elsewhere, it may be time to move to a more
9 j# p* D9 O6 Z2 J* ?2 H6 V3 \# pneutral risk positioning.