市场综述

小曲

Signature Market Roundup

' c1 `) `3 E0 E- L- |
8 h9 f/ h0 [3 a6 yEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

% S/ r3 b0 }/ A" O7 ~5 W# J% Z) t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
8 J2 m9 n) Z& }$ ]; g  d3 T$ p' \3 xEuropean sovereign crisis and a U.S. slowdown. The second
* U- _% E5 C( S! [$ ?phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
1 m* [7 N6 ]' ~, {# j2 J, R2010. 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
8 o/ V. q# a2 h. c( D4 rfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
' P& v5 M: E9 c9 H! p: q/ V1 {/ E3 Zmarkets. Given the success of the policy and the heightened
: E. W1 a2 O& |3 E# F5 quncertainties elsewhere, it may be time to move to a more
& Q6 ^7 ^2 m. g3 n- f' B! [neutral risk positioning.