市场综述

小曲

Signature Market Roundup

' i  I7 \+ ~3 x6 i) T* G1 e% v$ d
  z+ F' V" b' L* @0 S3 SEric Bushell
9 i( T' V* Q( z' ?' HSenior Vice-President,
Portfolio Management
1 ]# x5 H; J6 n/ t$ iand Chief Investment Officer
& s# Y, x; q% Z. r
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。

: i5 l# p( @) c* Q8 u+ Q0 j  IThe 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
European sovereign crisis and a U.S. slowdown. The second
* m& z, [  G$ f5 S7 M; Cphase 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
' a' U2 c7 j4 L: s9 e7 yfor real assets ranging from property to commodities, credit
0 w: w2 P5 B8 E: E/ X: ~and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
* m  z# R+ Q( l  kU.S. fi scal retrenchment and relief on the part of bond
! [: N. o4 F) F$ u& Q* ]; emarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.