市场综述

小曲

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Signature Market Roundup
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2 W" z: J( J- W" W; PEric Bushell
Senior Vice-President,
7 W% z# C+ D, O6 b8 EPortfolio 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。

% d$ L& [+ B3 RThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
1 O1 X" R* D, Yphase began with the U.S. Federal Reserve launching an
# T3 A$ g3 _7 B) bunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
  I, U1 x: K2 Z/ B# t: T; J* tand equities. As we near the end of this policy, prospects
& ]7 W+ x# U: c2 w5 Vfor dollar stabilization grow; this would be helped through
5 B7 D+ U( n5 k4 F* e; T* QU.S. fi scal retrenchment and relief on the part of bond
4 \9 t8 E; D- f* Umarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.