市场综述

小曲

Signature Market Roundup

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Eric Bushell
Senior Vice-President,
Portfolio Management
0 E, `' e! N: |/ C0 A; h/ Rand Chief Investment Officer
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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
may be drawing to a close in April 2011. The fi rst phase
& w, H6 u' t# ]/ ~, sran from March 2009 to April 2010 and was halted by the
7 [- }! y& U& [7 zEuropean sovereign crisis and a U.S. slowdown. The second
) R2 B! e; c: i0 M; Q" nphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
) H5 @$ T5 K6 @2010. This action saw investors exit the dollar and scramble
$ a* x; d5 l2 `: v! Qfor real assets ranging from property to commodities, credit
; j% |- K1 I- ~( v9 i' B  _/ z2 S3 @and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
9 C( R' T9 B2 j& Zmarkets. Given the success of the policy and the heightened
9 b. A/ O* g+ B7 p* Luncertainties elsewhere, it may be time to move to a more
neutral risk positioning.