市场综述

小曲

Signature Market Roundup
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Eric Bushell
Senior Vice-President,
4 n& f7 m/ w. R7 }Portfolio Management
, B/ S! B- h3 U& L. n: _" aand Chief Investment Officer

; m% W3 N/ l& j3 l7 {) h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
/ A7 X9 l. F  ~1 a$ `  \may be drawing to a close in April 2011. The fi rst phase
  R' o: Y; J( g  ?6 fran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
! q0 K; p. ]( A! i; ?; Mphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
. {, D9 P( V+ Q/ h& o/ o6 q) J2010. 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
/ g% U  V2 S& Nfor dollar stabilization grow; this would be helped through
) V: [! [* S+ X. MU.S. fi scal retrenchment and relief on the part of bond
. X4 `9 g' s6 V' imarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.