市场综述

小曲

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Signature Market Roundup
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Eric Bushell
7 x- j, D$ g4 ?2 C1 v7 KSenior Vice-President,
Portfolio Management
( h6 S" L8 S, ]3 Eand Chief Investment Officer

- U  n3 R3 m. _1 y: @- s6 V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。

. ^3 V8 S4 j9 M, tThe 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
2 Y8 o$ Q5 i# S# b, A. A) AEuropean sovereign crisis and a U.S. slowdown. The second
' n: q+ _+ u" Dphase began with the U.S. Federal Reserve launching an
8 }8 d. Y* z" \$ F1 I7 @1 Cunconventional 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
1 i2 b$ X; x  N8 O/ gand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
9 e* i" ^& Z, h4 L, O' CU.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.