市场综述

小曲

$ t2 N9 T) l% M- M
Signature Market Roundup

" U; C/ t5 R5 y3 Z2 g3 Z
' A9 V7 c- C( `# A( h- vEric Bushell
Senior Vice-President,
Portfolio Management
" _3 n4 ?! t/ c7 Qand 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
' S; a9 V0 G8 F1 oran 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
0 m5 P  `! w2 w2 p" ]$ c2010. This action saw investors exit the dollar and scramble
4 q% ]6 [+ f) c0 s5 e5 Sfor real assets ranging from property to commodities, credit
, H" U0 M7 `8 a) n( j( `% Wand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
& I) Q. l9 J& @, B7 v- ]; T  ]4 {U.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.