市场综述

小曲

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Signature Market Roundup
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Eric Bushell
0 h: B$ ^' l1 g* d6 G7 P5 H% gSenior Vice-President,
; j: }& h8 {. UPortfolio Management
and 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
+ {, f+ z. X5 ?% Q% Pmay be drawing to a close in April 2011. The fi rst phase
% G: J8 j7 e) ^2 H4 P5 sran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
) {6 u+ m. F. l1 M6 @2 ?phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
& _7 B( y; f+ U2 \* B% u2010. This action saw investors exit the dollar and scramble
9 n: L( H& X: o; z$ L& y$ Tfor real assets ranging from property to commodities, credit
' q5 F. B# k9 U: M8 K, e( ?9 r( }6 g  _and 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
) K& H9 E" t7 [% G. d4 k* Xmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
" {; s" ~7 F5 y! cneutral risk positioning.