市场综述

小曲

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Signature Market Roundup
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1 ]  L% y/ O* n" c/ i+ `. {' HEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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8 Y! `' S  s+ M% M+ A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。

; C3 x, o; x- B$ qThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
% R$ h( @$ g% y) i$ B: R! q1 ^ran from March 2009 to April 2010 and was halted by the
# p# {. m5 c) q3 gEuropean sovereign crisis and a U.S. slowdown. The second
! j6 v- g; q% Y: L: ophase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
% R. B' `0 d0 X0 G2010. This action saw investors exit the dollar and scramble
7 k9 C3 G, i0 cfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
2 j9 I; G% s6 J5 p: F( y# P% F' H& efor dollar stabilization grow; this would be helped through
* g( f- A5 n2 E5 l2 J+ w6 I! x9 p0 YU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
8 }  |3 B5 F6 i& quncertainties elsewhere, it may be time to move to a more
neutral risk positioning.