市场综述

小曲

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Signature Market Roundup
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# I* S7 y; f% u9 b3 m4 lEric Bushell
5 Q& y" N! ]* e  eSenior Vice-President,
Portfolio Management
and Chief Investment Officer

& e; I# x  q+ G2 R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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9 p% O& X/ s0 n3 G  Z0 g6 OThe 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
# E# K. r* v# b, ?! _European sovereign crisis and a U.S. slowdown. The second
. k8 o5 w% A! F9 O9 Z5 sphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
+ r  D/ V6 o; ]. n8 u' J8 zfor real assets ranging from property to commodities, credit
7 j) ^+ l2 f- ^; T7 e" P% Qand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
5 Z2 t. [9 i4 p3 ^U.S. fi scal retrenchment and relief on the part of bond
+ n; Y% A* \+ K$ u) mmarkets. Given the success of the policy and the heightened
/ }8 a, @6 w! z& b: ~, F+ Luncertainties elsewhere, it may be time to move to a more
& t, M- q/ b9 \; vneutral risk positioning.