市场综述

小曲

% P( T& d# x7 s! M1 i
( c6 |3 c( L0 \Signature Market Roundup
  ^3 B2 A. L5 Y0 j7 i& V; H. E
' ?, p; a+ [3 f+ [( q9 E
7 Q. }  \! a5 l! i2 X) EEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
# g, F- w) G# _. s5 r" G( Z3 c$ x3 q
5 N" j% T, C9 h( s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% k9 F1 X, K2 [. q5 L% Z
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
2 }) o7 U: @3 I+ lEuropean 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
) j$ L% X. V9 V2010. This action saw investors exit the dollar and scramble
% f0 U* Y7 ~/ {- i3 C' J: sfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
7 s" C; S  ~# A" N' ZU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
# ?+ M5 c3 q' ]) z) g' h# r7 wuncertainties elsewhere, it may be time to move to a more
$ R. x8 C- e! o( K0 o0 V6 @- D& z) Jneutral risk positioning.