市场综述

小曲

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Signature Market Roundup

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Eric Bushell
. V9 d/ V) {# R' `Senior Vice-President,
Portfolio Management
and Chief Investment Officer

0 g# l7 G, D3 k9 e; n+ S% K. h6 d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。

4 n9 a9 x$ c& l% L# [  K2 ]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
. @) D# m3 E4 ^phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
& H" d2 r( H- s/ U/ h2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
& H, b$ }; t+ y/ o' D' O$ @4 [: zand 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
) o6 z- L" R& j7 R0 Lmarkets. Given the success of the policy and the heightened
0 ^/ A2 I$ P- S9 u7 G7 A# [uncertainties elsewhere, it may be time to move to a more
' P0 Z" F  ~$ ]; [/ [  oneutral risk positioning.