市场综述

小曲

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Signature Market Roundup
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Eric Bushell
Senior Vice-President,
5 B! ?( }& ?, n9 l! D; G" ^Portfolio Management
! t, R" _3 L, @1 Sand Chief Investment Officer

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% C5 c) T5 ?) M" ZThe second phase of the post-Lehman recovery in risky assets
/ |' J/ r. ~: B5 e3 }, v; E& S( Hmay be drawing to a close in April 2011. The fi rst phase
% x# |# n/ {: |9 w$ u  I* l# U; Eran from March 2009 to April 2010 and was halted by the
  j# n% c4 i3 t" i; f! j; aEuropean sovereign crisis and a U.S. slowdown. The second
' ?: q2 I" t/ t) h0 fphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
! i0 g9 @* c, D( h3 j# a( A  Q( nfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
+ b. s( {) @# H9 y5 afor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
: U. r0 n! H/ @5 J1 o& H7 W! o$ Kmarkets. Given the success of the policy and the heightened
7 ^1 I( H5 t5 Q8 t) M9 zuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.