市场综述

小曲

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- K9 e2 Z2 N5 }/ w* b+ T) Q# g% `Signature Market Roundup
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Eric Bushell
Senior Vice-President,
Portfolio Management
9 a$ a/ s* h; i$ Z6 E" j9 eand 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。

3 C. b- Q1 x3 ], s6 y3 B) kThe second phase of the post-Lehman recovery in risky assets
% f% l  u2 D) o+ P: k: Omay be drawing to a close in April 2011. The fi rst phase
( X( y: j7 G5 m& A5 T) Mran from March 2009 to April 2010 and was halted by the
1 s, h- t, F- s+ t% xEuropean sovereign crisis and a U.S. slowdown. The second
2 Z$ o4 d7 Q' X2 [1 W  vphase 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
! f! \, f/ |% Y! P) ?+ O  qfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
+ @8 H9 {) B& ^3 O- T! e/ z" Yfor dollar stabilization grow; this would be helped through
0 z6 A) R; M% 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
neutral risk positioning.