市场综述

小曲

7 M1 p  Q0 B, f5 o, w) z1 |
Signature Market Roundup
0 K; `4 g7 z4 k. p9 q+ B

Eric Bushell
Senior Vice-President,
# C% J5 m9 A" g9 }Portfolio Management
; `5 w  \" W& P5 v& p* oand Chief Investment Officer

0 z, g' t% J" e' R6 J. K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。

( ]9 [$ [" O6 }- o9 ^The second phase of the post-Lehman recovery in risky assets
2 h6 f+ I9 a9 c, k8 \' c9 gmay be drawing to a close in April 2011. The fi rst phase
3 |" S. `) L4 C. {; W& N6 W+ _ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
5 M- [) \/ \6 x  F' yphase began with the U.S. Federal Reserve launching an
8 E: e8 M' y  W9 bunconventional easing policy dubbed QE2 in September
4 t6 m  F* `+ ^* j% c7 Y' b% G! f& z2010. This action saw investors exit the dollar and scramble
( L6 h$ K3 g8 t9 d, |# N' Q2 A" W! gfor real assets ranging from property to commodities, credit
, D9 f. t+ ]3 U6 mand equities. As we near the end of this policy, prospects
" {3 i0 d/ p. L6 |2 Lfor 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
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.