市场综述

小曲

0 B2 J7 {" o0 y. x0 g) [2 P/ O
7 y% `" p3 d9 I* \Signature Market Roundup


- f8 k0 e/ _3 i  h# g% wEric Bushell
Senior Vice-President,
- }1 s( z+ ?, WPortfolio Management
and Chief Investment Officer
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' a2 I5 r8 L( u) [1 h" T9 [, ?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。
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; z# V  E; D0 X8 cThe 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 F" `5 ]/ V+ F. _) A$ GEuropean sovereign crisis and a U.S. slowdown. The second
6 [+ A" J5 X5 F6 f1 K( gphase began with the U.S. Federal Reserve launching an
- Q5 h; k( j1 T1 ]unconventional easing policy dubbed QE2 in September
% j. b) c0 P* _2010. This action saw investors exit the dollar and scramble
# e* m; E3 \# c9 Lfor real assets ranging from property to commodities, credit
( h  Q7 N5 v# u, [and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
. a' a8 X7 S* U( oU.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
6 R$ H) N" |$ qneutral risk positioning.