市场综述

小曲

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Signature Market Roundup

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Eric Bushell
9 Z( |" B: Z& ASenior Vice-President,
Portfolio Management
' z" Z' D1 b: a% Dand Chief Investment Officer

, j3 r$ `& q1 [7 z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
ran from March 2009 to April 2010 and was halted by the
! Q) b# z! K5 J. kEuropean sovereign crisis and a U.S. slowdown. The second
( i6 q% j6 G/ |7 U4 o3 Ophase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
  w! F1 {( F6 ^% y" L) o4 E0 u6 [2010. This action saw investors exit the dollar and scramble
4 j7 e9 {! e0 y1 i' wfor real assets ranging from property to commodities, credit
6 I) l1 Y. i: M: a. A0 _$ Jand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
/ S- w# R# B# i- g4 F, ~U.S. fi scal retrenchment and relief on the part of bond
, b: \. n) t( S  u! zmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.