市场综述

小曲

Signature Market Roundup

# N- P6 u% d# Q% \# y7 N
& g& ]$ ~% ]6 Z" h/ d* _! J& H% V- QEric Bushell
Senior Vice-President,
& m" p, g9 [  QPortfolio Management
and Chief Investment Officer

6 r; Z6 P" l. U( {' R8 n4 `9 e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。

- q. r: U$ v- V- w, w; eThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
6 s- }. [# @, ?& A0 U, M1 yran from March 2009 to April 2010 and was halted by the
, B. j1 j! f! GEuropean sovereign crisis and a U.S. slowdown. The second
$ z: R9 H- d3 n8 b" _3 ]phase began with the U.S. Federal Reserve launching an
# o; e. A- f8 T/ T0 b* F% r, a1 Lunconventional easing policy dubbed QE2 in September
5 O. p0 l  g5 T# C$ V: I2010. This action saw investors exit the dollar and scramble
" J- W/ o7 u1 r5 Hfor real assets ranging from property to commodities, credit
) ?" j4 `+ {; Z9 ^8 i: K! }and equities. As we near the end of this policy, prospects
) s4 w& L8 Z8 Jfor dollar stabilization grow; this would be helped through
) {6 m) S+ a- M, |+ L% uU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
& R7 O3 g3 i8 a$ _& L% Ouncertainties elsewhere, it may be time to move to a more
& F1 `$ F9 ~, k' jneutral risk positioning.