市场综述

小曲

2 T8 n  I1 m0 USignature Market Roundup

8 l- M3 N. @+ {5 c5 i
Eric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

8 s5 B% X& x0 g; _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。

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
  a- m1 Z- E/ l+ Z7 h9 eEuropean 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
: K- Q0 _* x; s: V8 M) ^2010. This action saw investors exit the dollar and scramble
1 N6 g6 s/ ^4 z: B, b) J2 \for 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
; v: B  L  I$ u! l4 SU.S. fi scal retrenchment and relief on the part of bond
5 _. Z+ Z5 F/ j0 j5 ^; Jmarkets. Given the success of the policy and the heightened
5 d; K4 e) ^2 a1 puncertainties elsewhere, it may be time to move to a more
* E( F. e7 r' X9 A; S- Jneutral risk positioning.