市场综述

小曲

4 v& Y) J2 }# @Signature Market Roundup


Eric Bushell
6 ?+ |  T& R- I2 i+ LSenior Vice-President,
. U& }0 J# j( \; f5 i0 \Portfolio Management
and Chief Investment Officer

' s! Z1 T, H8 q- L1 {" a" C+ C% N& x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
/ g1 F9 F, `0 ^% _: k/ mEuropean sovereign crisis and a U.S. slowdown. The second
' J/ @! I  \1 }6 c( J' y5 gphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
9 x! Z  z/ _! J9 y' e  q2010. This action saw investors exit the dollar and scramble
. w+ \  b, J. {0 ^3 X2 Hfor real assets ranging from property to commodities, credit
0 [. a3 S& J) p# @5 R& cand equities. As we near the end of this policy, prospects
2 h" u/ Y1 q& M! ]1 B5 y# B# J, L  bfor dollar stabilization grow; this would be helped through
! Q3 K. P) l% b8 C# ^! y9 |U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.