市场综述

小曲

- _7 d+ i, n' d2 p8 l# S; |! FSignature Market Roundup
2 G. O) f; ]2 x3 R. g+ `( d% f  q
7 B1 o! e& A* b4 d/ ^* h
Eric Bushell
  f+ Q8 Y$ C4 P) r8 J. w: pSenior Vice-President,
2 G- i2 J! V3 [# l8 QPortfolio Management
and Chief Investment Officer
$ q0 p7 |3 q, [3 W  f& z
# h# V" w5 O" Q. Y% Y% u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。

4 I- j& p0 v7 n! a8 G7 H0 I0 zThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
- ~: H& O- }7 kEuropean sovereign crisis and a U.S. slowdown. The second
- s# Y4 K: _3 J4 R1 Rphase began with the U.S. Federal Reserve launching an
) S9 F3 f8 }5 Zunconventional easing policy dubbed QE2 in September
. }2 N9 J9 D! v7 H! `2010. This action saw investors exit the dollar and scramble
- \4 [0 L2 j" g$ y% i3 x/ Vfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
" b" L! F- \$ P! X" ?. Zfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
# |& U- J+ P& G3 suncertainties elsewhere, it may be time to move to a more
neutral risk positioning.