市场综述

小曲

: n+ E1 j5 c+ U# d3 r! V' qSignature Market Roundup

- v& ], B- i, ^9 k
8 q7 s% ~$ w, U& J  |4 a! VEric Bushell
Senior Vice-President,
$ R  c/ ]6 h7 U/ l5 L/ fPortfolio Management
and Chief Investment Officer
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6 \$ W: ^5 y- m' e8 @6 E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
8 b9 q' T! e1 p9 @/ |ran from March 2009 to April 2010 and was halted by the
8 J; L+ b& \- B4 ^European sovereign crisis and a U.S. slowdown. The second
+ {& P3 h0 {/ H$ B3 C5 kphase began with the U.S. Federal Reserve launching an
! ^5 E% Y, B* U/ Xunconventional easing policy dubbed QE2 in September
0 |& j; |7 S+ Y2010. This action saw investors exit the dollar and scramble
! f- g& X/ b3 }, O* Y- b8 W5 kfor 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
U.S. fi scal retrenchment and relief on the part of bond
" S+ _5 D; Q( o1 Wmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.