市场综述

小曲

Signature Market Roundup
, I1 b4 c/ R9 {& U  j
  h0 c" q7 E2 h
Eric Bushell
) W0 `4 t% R8 YSenior Vice-President,
- T$ Y$ E! h( h" ]Portfolio Management
and Chief Investment Officer
2 C( }. j+ O* P
0 d4 `! J( k) @: c' }# M9 B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
0 e" ]5 ]2 a* h' _: r$ s; emay be drawing to a close in April 2011. The fi rst phase
! `7 q  T/ @7 ]6 a% F. @3 [ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
" w& m& O3 \4 t! u3 Q" U. D! vphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
9 @$ P7 {: d5 o* e1 G2010. This action saw investors exit the dollar and scramble
" @& p: r3 B& |1 E7 {; {for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
; J& |) R3 r, G+ F4 }- Fmarkets. Given the success of the policy and the heightened
! P: u* G9 W$ D4 m+ v# z. J) Kuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.