市场综述

小曲

. s6 g/ g1 g3 z9 {  U3 K
& k0 z$ r- N: E* O' r/ {Signature Market Roundup


Eric Bushell
Senior Vice-President,
Portfolio Management
* ~6 k" d) B' t: Z1 T: w# Z$ l) u, ]and Chief Investment Officer
6 l( ^0 z0 C6 e6 r' P3 [
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
4 V4 \( U% D  e3 ]. Nran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
5 l; R* B2 \% j; Nphase began with the U.S. Federal Reserve launching an
% @# ~# h4 ~" o6 w6 o* N) l8 @unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
2 P( E5 _1 E' O' y% ^for real assets ranging from property to commodities, credit
4 J/ E6 z+ X9 D6 H/ `& Pand equities. As we near the end of this policy, prospects
; C6 }% {  s( bfor dollar stabilization grow; this would be helped through
! i2 q) a" l2 y5 U3 a2 mU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
9 ?- K5 W6 Z( o/ g" e1 m7 k8 C( luncertainties elsewhere, it may be time to move to a more
; L9 e+ O2 \/ ~$ A$ S, q+ Hneutral risk positioning.