市场综述

小曲

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Signature Market Roundup
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Eric Bushell
Senior Vice-President,
) _. ^* M- y6 `/ @Portfolio Management
. r' }  X6 O+ {7 n% b8 Gand 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。

, C0 g4 C( G. s) I* k' y" \The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
! A/ y- ^2 {! |  {ran from March 2009 to April 2010 and was halted by the
2 D1 L; ~. P1 K) f5 W# KEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
# X: U9 k7 }* g  v( X4 k6 S2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
% e$ C) J& e# e+ B- Aand equities. As we near the end of this policy, prospects
0 M; U" p0 a) {for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
  G; _5 b2 Q$ smarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.