市场综述

小曲

0 T, |9 Y$ w; d" b
Signature Market Roundup
9 J0 r& L8 c$ N: m

Eric Bushell
Senior Vice-President,
4 {* n. O7 ?5 W# j" z5 ?5 N" J6 ]. vPortfolio Management
0 Y* j/ @1 o1 e; ?# i- aand Chief Investment Officer
5 P1 F; B4 f) d- n
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
ran from March 2009 to April 2010 and was halted by the
/ E; w& c9 \/ iEuropean sovereign crisis and a U.S. slowdown. The second
# [* V" K5 c/ v% z) Fphase 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
, G% \4 p: q; K5 g, Y3 W% a% J9 Sfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
& [- {; z! ~# L# Y  n4 |* K4 kfor dollar stabilization grow; this would be helped through
' W1 L3 \: S8 x; pU.S. fi scal retrenchment and relief on the part of bond
" N3 a, ?0 T7 Y6 {4 ^. |markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
$ e5 d; N) f1 A+ j, y) v2 _9 ~neutral risk positioning.