市场综述

小曲

' J8 ]. y$ r; D0 r; b) Q: S
Signature Market Roundup


, N! M$ l& `, U: k- E- Z4 ^& S1 AEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
+ B) i7 R5 D/ f0 e( U
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
( L6 w6 W4 t4 e# N, \ran from March 2009 to April 2010 and was halted by the
9 f  {. d, G! o, _8 i& CEuropean sovereign crisis and a U.S. slowdown. The second
1 }% L* U/ g4 C" p5 c1 X4 gphase began with the U.S. Federal Reserve launching an
4 {  x/ h; b7 F" runconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
  P1 s" B# J& {' ]9 H4 tfor real assets ranging from property to commodities, credit
3 [5 q6 G" u$ A2 W4 i/ Tand equities. As we near the end of this policy, prospects
1 s; l# Z5 F$ A, u3 s, C- _, M1 Nfor dollar stabilization grow; this would be helped through
% N- d" q6 h5 P1 A" E% K: ]4 DU.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
, S1 z. W# K% t, C: ?9 ]6 R% c' |( uneutral risk positioning.