市场综述

小曲

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" I- ]5 r" q% v9 vSignature Market Roundup
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: R8 e" g: e" A# s: W' iEric Bushell
7 R5 a/ {: B' K6 e7 }Senior Vice-President,
Portfolio Management
" `) l$ a0 y( f; B$ Wand 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。

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
" m! R3 [9 L9 C+ i. R' Z* cEuropean sovereign crisis and a U.S. slowdown. The second
. X6 V6 n! g8 f, Cphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
* v8 N0 X' P. Q; _8 z+ e2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
2 Y2 v% l$ T: |and equities. As we near the end of this policy, prospects
- E4 S; C2 m2 {$ K3 [1 }8 zfor dollar stabilization grow; this would be helped through
! d4 d7 ^* P; wU.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
neutral risk positioning.