市场综述

小曲

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Signature Market Roundup
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Eric Bushell
1 E5 F, _8 i0 h' c' p) k' F8 LSenior Vice-President,
' ]/ o" w- ]% Z8 j2 L+ g, n; UPortfolio Management
7 F. {% o3 V8 C8 hand Chief Investment Officer
. ~3 l0 O# r: V0 I
. j$ g. s- P1 F* _) p! O, 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。

5 }! y3 N: g! M' G" `The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
* x0 K2 O9 T( S/ p, Nran 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
; x' x: w6 C& A' d  y* W# O, Junconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
# Q* x8 w% w" @7 v2 R; [for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
, K, I/ b2 Y; A- gfor dollar stabilization grow; this would be helped through
( l: t" [+ V8 m% t5 tU.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
neutral risk positioning.