市场综述

小曲

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Signature Market Roundup
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Eric Bushell
' N( E3 [% E- `4 W0 dSenior Vice-President,
Portfolio Management
! ^+ c% y5 o- {( E0 p$ h" R2 j# Qand Chief Investment Officer
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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
9 u6 x9 [0 e2 O2 X: W6 aran from March 2009 to April 2010 and was halted by the
! z6 M/ x' H/ }& |# aEuropean sovereign crisis and a U.S. slowdown. The second
4 r" j( u8 L" e( V. e) Wphase began with the U.S. Federal Reserve launching an
; K& r- U& i; k# i7 ounconventional easing policy dubbed QE2 in September
# A. t3 e' e5 i1 e* x  i. ~+ e7 c2010. This action saw investors exit the dollar and scramble
, G9 I) |0 V# pfor real assets ranging from property to commodities, credit
7 C. `4 ~) O" ~* A" Xand equities. As we near the end of this policy, prospects
- R7 Q" R1 ]2 dfor dollar stabilization grow; this would be helped through
! Z$ `( o  E" X9 f* W% `U.S. fi scal retrenchment and relief on the part of bond
: y3 U" K, Z4 H% Q- @markets. Given the success of the policy and the heightened
' }& X! b% u% Q. p4 juncertainties elsewhere, it may be time to move to a more
( D) [# o; |% |, _/ n% f4 @neutral risk positioning.