市场综述

小曲

2 K9 K0 R. _$ w) b8 l0 J
Signature Market Roundup


Eric Bushell
Senior Vice-President,
' `5 O6 P) W8 cPortfolio Management
9 O: H6 I* q- n8 Y/ }and Chief Investment Officer

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
ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
. `. w. [1 u2 A! J; c& tphase began with the U.S. Federal Reserve launching an
& O+ t( Z0 X7 \3 f* W" e! T, G, c3 J9 nunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
, A7 t5 {1 e! Y# Z& L0 h8 Z/ n3 sand equities. As we near the end of this policy, prospects
, T' ~. p4 z! U; M9 Ofor dollar stabilization grow; this would be helped through
1 G- w- [4 b1 M6 b+ @& LU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
! Q. d" P: o$ G$ P6 }uncertainties elsewhere, it may be time to move to a more
/ }$ K, \- e! Yneutral risk positioning.