市场综述

小曲

% d+ ?  h1 h# w% Q/ y8 Q. oSignature Market Roundup

# T5 p& n- i  l! a7 }1 Q8 ]
Eric Bushell
Senior Vice-President,
+ Z! z) r0 i# }: T' [7 IPortfolio Management
and Chief Investment Officer

) g9 P: l1 D5 o2 H$ `/ y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。

4 Y  X: w. m/ ]$ I' k# FThe 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
9 g  `) g7 l( I! o# V2 [! X# i3 [6 oEuropean sovereign crisis and a U.S. slowdown. The second
3 r. F6 w: }9 \/ f0 [phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
8 M' |. E! u' j1 U' b% z( U: T2010. This action saw investors exit the dollar and scramble
2 y$ u5 q/ V/ _( Y  e* O/ efor real assets ranging from property to commodities, credit
  t3 g  `9 E8 u8 Y* q& s/ w# g3 eand 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
markets. Given the success of the policy and the heightened
: O4 z$ E" P' s' ~% duncertainties elsewhere, it may be time to move to a more
! l$ [. w, b& x3 t& d0 B/ a: ^neutral risk positioning.