市场综述

小曲

Signature Market Roundup

4 Y& |5 B" g8 a1 a" C
) r0 z( ?; k' h3 S" ^8 O+ OEric Bushell
Senior Vice-President,
Portfolio Management
6 T. Y& t6 w$ @" C. Z  rand Chief Investment Officer

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
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
. \/ ~0 D& E7 H/ X: {* m3 [* Hphase began with the U.S. Federal Reserve launching an
3 A9 h. B5 f+ G, N2 c& Z/ Munconventional easing policy dubbed QE2 in September
9 Y8 l9 q4 [; o2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
: v2 h8 o- E7 @! u( ~+ W: vfor dollar stabilization grow; this would be helped through
3 V5 c: i3 X# @9 ^. `/ L& g9 nU.S. fi scal retrenchment and relief on the part of bond
- u: w" w) m8 ?* A2 m, n8 lmarkets. Given the success of the policy and the heightened
1 Q# A5 p$ u- n. \; J3 y) J0 Luncertainties elsewhere, it may be time to move to a more
% s) R2 Y+ ?$ m: N. F& Rneutral risk positioning.