市场综述

小曲

' `" a% d5 K: ~+ K8 ~, x0 p6 a
Signature Market Roundup
) e. t# H  N2 F6 [

Eric Bushell
9 ^. o$ x' s+ m/ T' x3 S6 E, q. pSenior Vice-President,
9 V: H- N' |# {1 w& bPortfolio Management
( a) X: Z, J3 Q7 }and Chief Investment Officer

5 O; ?* S8 F  Z3 }* _1 u5 j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。
) e6 D1 I( b, H3 |. v  y
The second phase of the post-Lehman recovery in risky assets
; j! N; E! R, P5 Mmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
$ m0 S( b, p2 Z; D. W6 S% oEuropean sovereign crisis and a U.S. slowdown. The second
7 c8 L+ {, |5 Mphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
  l/ R$ o3 k4 v4 v: D3 n2010. This action saw investors exit the dollar and scramble
, W; X  a/ t' |" D5 h, m# `; jfor real assets ranging from property to commodities, credit
$ z0 ?- ~. v, W. l/ Vand equities. As we near the end of this policy, prospects
, p; O/ A0 ~5 y# \for dollar stabilization grow; this would be helped through
8 b. K5 B, i- L2 N& ^) eU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
( y4 \4 w+ o6 s4 Y" duncertainties elsewhere, it may be time to move to a more
neutral risk positioning.