市场综述

小曲

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Signature Market Roundup
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# Y; o! f( D# m: XEric Bushell
4 n1 H8 W3 c$ i' }! p4 c; t/ |Senior Vice-President,
" ^" N) o2 [( B. N  XPortfolio Management
and 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。

/ A; g1 Z7 v% k& q, JThe 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
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
+ q2 X* R* P2 u8 T( r2010. This action saw investors exit the dollar and scramble
# O. d' t, B. l2 a9 \5 T* Sfor real assets ranging from property to commodities, credit
+ s+ Z  d6 ?- s+ D+ [6 T/ ?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 s6 R7 b- U. G. w- Ymarkets. Given the success of the policy and the heightened
, @8 ]: z3 e( ?uncertainties elsewhere, it may be time to move to a more
5 r  ]# ~7 [8 |6 p1 o3 aneutral risk positioning.