市场综述

小曲

Signature Market Roundup
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% s9 {6 L7 y, IEric Bushell
3 o. Q% F% i: `7 R0 ^Senior Vice-President,
Portfolio Management
8 J0 n2 ]% i; x. v8 |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。
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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
' p, q, J! O3 t" \. ?% rEuropean sovereign crisis and a U.S. slowdown. The second
# Y2 w+ R9 s4 S( _* Iphase began with the U.S. Federal Reserve launching an
4 o$ B! K2 L! P/ i% \unconventional easing policy dubbed QE2 in September
/ z/ q+ s8 ~% y; A' J& |( I2010. This action saw investors exit the dollar and scramble
' w6 Z/ c2 ^. ^$ ~0 a7 Jfor real assets ranging from property to commodities, credit
/ L3 j$ Z2 ?9 R7 {, g! ?# n: j/ M8 [and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
6 e2 g/ {  f8 j! Vmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.