市场综述

小曲

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Signature Market Roundup
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Eric Bushell
Senior Vice-President,
Portfolio Management
( d. y. I1 E* B2 h% E/ pand Chief Investment Officer
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! n/ a% k( ]# V- [" c" J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
ran 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
0 K" ]+ d/ @- D: W* d& @$ g  W# o3 r) H: e2010. 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
. Z) j2 y! f  C: f# N! p0 Yfor dollar stabilization grow; this would be helped through
) S! G3 [" n0 f8 `5 d+ _U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
5 K4 i. n3 R/ J8 huncertainties elsewhere, it may be time to move to a more
& c% l' H3 T9 c9 d: i0 w5 Dneutral risk positioning.