市场综述

小曲

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! f% ]( c* ^3 v- T2 a3 }Signature Market Roundup
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) i( Z: c0 G! j" LEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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6 u3 C( }6 W5 I4 B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
0 ~- m  ^# a  W& X5 z% c, w/ emay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
' c  [" I% }5 r( y' j: yEuropean sovereign crisis and a U.S. slowdown. The second
0 K" a) e# O- r" wphase began with the U.S. Federal Reserve launching an
2 p# h9 I; p2 h& y" {9 I/ [) Zunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
/ t8 S& |3 D5 c' f1 E  zfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
1 k: o6 ]5 l! @' g) yfor dollar stabilization grow; this would be helped through
+ I# j* ~8 ?5 J! q. [6 w' _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
! J+ q1 {1 }2 d8 u: Z  nneutral risk positioning.