市场综述

小曲

7 M. w) f4 Q2 g0 ?/ n: R
. ~- h4 \5 Q# YSignature Market Roundup
' X( n$ Z% F5 w* E2 O
/ N5 s3 N! e- I: o
1 w2 B) _* Z, t+ L4 {Eric Bushell
Senior Vice-President,
8 E. D0 q) S* y0 YPortfolio Management
$ V7 O+ I* t7 z  l% _# X8 Oand 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
& D" Z9 G/ T. Z0 C& M1 ~7 ^3 bran from March 2009 to April 2010 and was halted by the
  F% B0 f  v- W; {  F7 fEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
: K- r3 |' b$ `/ m; j- D8 qunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
- E9 @% b1 I/ H2 Lfor real assets ranging from property to commodities, credit
. E( n1 E9 y% R$ G4 eand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
9 C/ j4 K7 p- kU.S. fi scal retrenchment and relief on the part of bond
% R0 l% [0 L9 A6 D4 @  }% dmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.