市场综述

小曲

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Signature Market Roundup
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3 o2 z+ N4 ?6 U$ yEric Bushell
Senior Vice-President,
1 }# F  r: E9 J! tPortfolio Management
8 i1 T5 ~. {7 j/ c, I! ]$ g3 Band 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
1 ~  H. x( P. H. _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
4 c( A6 J$ j* e/ UEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
1 H  z9 b4 f( H3 n9 R+ e2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
+ a. C; k1 }' k3 m/ W, y! \0 _and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
( k, M; Y4 \# R$ P; L9 u5 `U.S. fi scal retrenchment and relief on the part of bond
# r8 g$ J8 F2 v6 w; vmarkets. Given the success of the policy and the heightened
+ h) a& n) v/ p( ^. T# Juncertainties elsewhere, it may be time to move to a more
1 c5 {8 h9 x7 U. h' h" `  Hneutral risk positioning.