市场综述

小曲

" ^4 x. y- w8 n& }Signature Market Roundup

: s2 K% F8 K6 Y# f
! Z. A% }; O7 }. _- aEric Bushell
Senior Vice-President,
# ], H) i2 J; [& N+ WPortfolio Management
and Chief Investment Officer
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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。

& H* Q* s  Q8 K5 k' S4 X: m8 RThe 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
! U, G9 ^' y# M9 sEuropean 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
; T9 }1 l; V& H$ b& [! U2010. This action saw investors exit the dollar and scramble
5 n' J- ^9 t3 E3 m( dfor real assets ranging from property to commodities, credit
. @* [2 q* S$ O  m1 tand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
2 V0 `% d! u  QU.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
" T# t7 T5 J0 B- |, x' R, y/ G2 mneutral risk positioning.