市场综述

小曲

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- `" e3 o: W5 e9 F- HSignature Market Roundup
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4 v1 u, l; L7 |! Q) E; lEric Bushell
6 i6 l8 H6 ]8 k# M3 L! W( r6 N( LSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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& D" Y7 p" q0 W7 q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
may be drawing to a close in April 2011. The fi rst phase
) g/ x7 C3 d. Qran 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
unconventional easing policy dubbed QE2 in September
! t2 Z9 b5 \0 a4 [+ O! s2010. 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
9 V3 H4 {- y! s7 P7 rfor dollar stabilization grow; this would be helped through
7 [6 {; b# @& O1 w7 r, gU.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
/ `9 k  b& O3 Y; p6 f) [9 Jneutral risk positioning.