市场综述

小曲

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! C  C4 k/ K/ s, |, t% m3 W  TSignature Market Roundup
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Eric Bushell
3 c  o# j8 n' QSenior Vice-President,
Portfolio Management
0 Q0 `. A, e* e; O/ _& K, iand Chief Investment Officer
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; k& c( q6 `: K( U7 P1 J# m& ]; L5 S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
/ ~8 K2 J/ I; k7 Gmay be drawing to a close in April 2011. The fi rst phase
; `8 O( C  d( [3 Dran 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
- B" a- n% w4 V8 t! T0 n6 }1 Eunconventional easing policy dubbed QE2 in September
& `3 F4 w; M% _. o, t* o2010. This action saw investors exit the dollar and scramble
5 _; N; d; |# N5 r' l; v; X* Mfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
. v8 l1 b* a$ {& Ufor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
3 A- X; R1 {2 ]8 q$ huncertainties elsewhere, it may be time to move to a more
6 ]- W- d3 X9 d  Y6 ineutral risk positioning.