市场综述

小曲

' ~# [$ h- X1 n! `4 I7 S
Signature Market Roundup

6 y, a: c3 ^4 Y! j; M8 Y
Eric Bushell
3 M  F1 Q1 Q7 g  G8 F' ]  ZSenior Vice-President,
Portfolio Management
1 c" D. j, i: r, Dand Chief Investment Officer
7 _) K- b6 f* T" c
% {- k( ?* [2 a5 ^" H" \9 c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。
; k7 G+ o4 Q, e0 ~/ ]( S
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
& N9 U' ~6 N* {! s0 Pphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
: r+ G  l: a# L2 S$ R# M6 M0 d2010. This action saw investors exit the dollar and scramble
; [2 J2 v. X- n  v2 \4 x+ ?for real assets ranging from property to commodities, credit
+ I2 c) |# {7 o' V5 k1 Aand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
9 V% I! u8 ?+ ^- S; X5 e* amarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.