市场综述

小曲

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Signature Market Roundup
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Eric Bushell
Senior Vice-President,
Portfolio Management
0 x+ i9 y" m+ ]9 `: ]2 J3 K$ qand Chief Investment Officer
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7 G3 F' \; E+ `; E3 g/ [& W) ?, k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。

: u+ \: z9 t3 s7 K" nThe second phase of the post-Lehman recovery in risky assets
1 _0 g' s. l5 A- e4 W1 |2 {. Rmay be drawing to a close in April 2011. The fi rst phase
2 Y. L: \2 |% \4 D+ [# U8 o* b) j! m) ?ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
; [- V  D2 \8 O# \5 [phase began with the U.S. Federal Reserve launching an
4 }" P) h& R# z' zunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
2 b9 j2 D" P- ~  m- `for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
9 i7 O# n% I+ N2 F1 B% k9 e+ NU.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.