市场综述

小曲

) F& C$ T0 U3 x* P- e5 r3 pSignature Market Roundup
" ?; \9 G' v) R/ f* i" |. x5 b0 ~
3 W. n9 Z5 H) x/ c2 o4 L& ]
' P9 ?0 h' a2 H6 kEric Bushell
6 ~6 ?+ u4 ]! GSenior Vice-President,
- W* u  r$ C! d" MPortfolio Management
and Chief Investment Officer

* ]6 v3 Z5 O6 o2 f$ k4 f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。

5 }. K- o1 c" ~& V# ~3 Z1 LThe second phase of the post-Lehman recovery in risky assets
+ W/ n7 C' Q2 ymay be drawing to a close in April 2011. The fi rst phase
9 y' E7 |; t: e; eran from March 2009 to April 2010 and was halted by the
* s8 F! B  a0 Y$ l5 W/ QEuropean sovereign crisis and a U.S. slowdown. The second
5 Z' ^5 {# Y1 @& Z* Hphase began with the U.S. Federal Reserve launching an
$ j6 c/ a0 c# D; X0 @& ^unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
# l& `1 D! s+ S3 r1 dand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
. k3 ~/ a/ V6 X. i1 }U.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.