市场综述

小曲

Signature Market Roundup

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Eric Bushell
1 i; W+ ~$ Z' MSenior Vice-President,
; K$ b+ f5 g- mPortfolio Management
; |+ l$ W$ J4 K" Z; L2 Land Chief Investment Officer
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8 g. [' `2 l: p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
2 T# j+ r, C5 }* o* dmay 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
5 ~! W1 j- z5 E( ^4 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: o4 j6 \( Dfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
3 j9 H2 }) G# c6 x8 o/ r3 afor dollar stabilization grow; this would be helped through
3 U8 e+ O" C) v* s* R; y5 E& u. BU.S. fi scal retrenchment and relief on the part of bond
7 C; f$ m/ @  }0 @markets. Given the success of the policy and the heightened
4 d# a# ~) }- z: ~uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.