市场综述

小曲

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0 f8 f6 h' T1 ~5 r; ESignature Market Roundup
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  Q6 j- ^( P. ^8 F' ?* p
Eric Bushell
% a' C, E: A+ M  {; zSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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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。

: i4 z) N, a. L3 Z1 ?. j% V9 `The second phase of the post-Lehman recovery in risky assets
' p% P( t" N, y5 {/ K5 {may be drawing to a close in April 2011. The fi rst phase
. E6 l& O9 n0 K2 B' O* [ran from March 2009 to April 2010 and was halted by the
9 I- X* M; ?+ v# pEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
  @& K2 @3 ~1 m8 O$ ^9 Yunconventional easing policy dubbed QE2 in September
% M0 i$ f2 {" o1 _# f7 d2 {! f2010. This action saw investors exit the dollar and scramble
# h! c3 \8 u. |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
, E# P" d7 J, N1 z% O* P  A3 xU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
' R4 P& E3 Q( f0 |! c, lneutral risk positioning.