市场综述

小曲

Signature Market Roundup
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- L7 D& @6 ?7 @: l1 ?
Eric Bushell
. x6 d8 S9 a, a9 |( S* YSenior Vice-President,
$ a& R( C- J3 r1 ?Portfolio Management
and Chief Investment Officer

7 T) h! l' U- ^% T5 x' ?! _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。

' P; l; I6 z# M/ P  ?0 q& oThe second phase of the post-Lehman recovery in risky assets
6 O& W* i# C: j) Amay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
  R) D! m* {) ]# C) ?* _European sovereign crisis and a U.S. slowdown. The second
% A) ^" I) h9 v! u! q7 Nphase 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
; ]$ ?* S- V" T: H6 q( x. ?for 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
' z( i2 r$ P% C8 {U.S. fi scal retrenchment and relief on the part of bond
( h) Q% r' W8 e+ Gmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
- G6 u% O8 X' e* d+ Vneutral risk positioning.