市场综述

小曲

Signature Market Roundup

, Q7 Q: X) ]: T  a: g) Z. u  z5 D4 n
! j6 D, q! g" ?6 E' z* A3 `' yEric Bushell
Senior Vice-President,
Portfolio Management
. m% p! r( B' ^% l+ t, v% fand Chief Investment Officer

9 V7 q. x7 y; ?, P: s% W1 \3 R' c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
2 Y& o: L. @9 T$ f% N# h3 s$ ]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
) C* D. k7 c9 T7 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
2010. This action saw investors exit the dollar and scramble
0 e* |- k- J( j4 E4 k1 z  {  T9 |for real assets ranging from property to commodities, credit
! {& x) A' E. k  S( q, Tand equities. As we near the end of this policy, prospects
$ k. h+ c5 d" u! ?# W* \6 p  ofor dollar stabilization grow; this would be helped through
' o4 @$ w, z) T' l6 P& U& k* @  hU.S. fi scal retrenchment and relief on the part of bond
! u2 s. A2 L9 O) e* Nmarkets. Given the success of the policy and the heightened
* O& R! S9 N  s+ puncertainties elsewhere, it may be time to move to a more
neutral risk positioning.