市场综述

小曲

; j/ u$ f# H0 Q: _Signature Market Roundup

( m! K5 y$ M% `' A7 h  `3 L
" E$ x( a- Q( [4 Q0 D$ J: @- T6 mEric Bushell
Senior Vice-President,
2 A# H( l  c/ \/ f, NPortfolio Management
and Chief Investment Officer

7 A" N8 E( M8 u. H8 v/ k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。

, W8 M# m7 @; `9 XThe second phase of the post-Lehman recovery in risky assets
/ G) B& n7 M! w7 nmay be drawing to a close in April 2011. The fi rst phase
1 X% y! ?" t1 mran from March 2009 to April 2010 and was halted by the
0 G& A5 K. d# @) y5 DEuropean sovereign crisis and a U.S. slowdown. The second
2 }# U) d& ^% r- ?% x; Uphase 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
  F7 ^9 x+ b) v  c1 O, `+ U( j& Tfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
) `7 F4 w+ ~" Z& P# Jfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
4 D' m/ u, M$ ^1 [) R7 @markets. Given the success of the policy and the heightened
+ S& B5 @: p9 L. m/ xuncertainties elsewhere, it may be time to move to a more
: U# p+ O+ o) ?) R+ dneutral risk positioning.