市场综述

小曲

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# b) M& C3 o0 n; Y8 }% [Signature Market Roundup

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% k1 m! Q7 U, h( T; S, C" VEric Bushell
4 K! z, a3 V! d9 b' J( v4 b3 Y) p7 iSenior Vice-President,
$ Q0 V( B/ U; B: ]8 G; @Portfolio Management
  q2 d: @* P6 d1 P) ~# qand Chief Investment Officer

0 {4 n0 D" [* \! L! W* h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。
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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
" ?4 n) P3 |% s! UEuropean sovereign crisis and a U.S. slowdown. The second
  T% C: d0 N/ g- O9 Kphase began with the U.S. Federal Reserve launching an
9 W. ~2 e- Q6 ^4 D3 _unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
1 ]5 P$ D, a  z0 N7 Yand equities. As we near the end of this policy, prospects
& |1 z8 x3 M, B# `' ]: Jfor dollar stabilization grow; this would be helped through
" W, x: o& z4 }8 p7 F0 lU.S. fi scal retrenchment and relief on the part of bond
3 S: b/ B* M3 p. hmarkets. Given the success of the policy and the heightened
+ g) y9 U# P/ V- s* S  p" L" Uuncertainties elsewhere, it may be time to move to a more
. @' G3 B# x9 }# [4 ^, X' kneutral risk positioning.