市场综述

小曲

' _  J$ N; c4 a/ B  w0 k/ aSignature Market Roundup
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7 q, O+ ~: m3 a5 hEric Bushell
Senior Vice-President,
3 r" L, E/ v6 ]Portfolio Management
and Chief Investment Officer
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7 f, r, q, g: V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
5 L9 f* j- S# u- p$ ~. t9 {( vran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
. V+ @: A0 H& ]' g# S* O$ L. x/ fphase began with the U.S. Federal Reserve launching an
/ Q& D0 F0 J1 J- punconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
7 N1 i) w/ z# {( j9 Z+ Jfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
/ O) O0 K* t) t/ W2 Ffor dollar stabilization grow; this would be helped through
% i) U3 l8 t5 r/ S* V" DU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
; v, q$ J, Y& G& v' W5 _uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.