市场综述

小曲

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+ O. ^5 X: m8 G7 L9 dSignature Market Roundup
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. `3 q9 U# k2 F: E& D6 U2 i) L( QEric Bushell
" h5 W8 K, d1 y  e# ESenior Vice-President,
Portfolio Management
4 H, _5 X6 f8 ^7 s8 s8 e' @% Hand Chief Investment Officer
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& A" I; B/ G. v* G6 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。

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
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
" e+ w- z' O) J+ A0 |: O2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
* B1 I2 x6 ?* f' x7 W# efor dollar stabilization grow; this would be helped through
8 l6 b" s  H2 W7 @U.S. fi scal retrenchment and relief on the part of bond
  f3 m& v* M9 w/ o% N: v3 e. D& r& ymarkets. Given the success of the policy and the heightened
. C4 r+ r' R" R5 n2 H- \1 @uncertainties elsewhere, it may be time to move to a more
2 j1 |6 g8 ~- z# b+ dneutral risk positioning.