市场综述

小曲

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Signature Market Roundup
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Eric Bushell
7 F; v$ ]- E% t1 z0 kSenior Vice-President,
0 V, [4 R( x& |% x8 N; T# G, P5 s" VPortfolio Management
5 K3 N" L& z; e# Fand Chief Investment Officer

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
2 S. A. ]$ p1 o" r; O! W/ |! G6 Fran from March 2009 to April 2010 and was halted by the
7 ?" m4 @+ D! B' `1 EEuropean sovereign crisis and a U.S. slowdown. The second
: c' e6 G. T; ]; _3 I" s8 Sphase 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
' d; F* r' r7 N) A- `1 l$ Tfor real assets ranging from property to commodities, credit
8 S% K& s: A9 U1 R1 h9 Q) @and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
3 t8 M) |9 l4 o# T3 tU.S. fi scal retrenchment and relief on the part of bond
1 o5 x5 r' O) H. h+ Gmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.