市场综述

小曲

7 l7 r* H. M  N
Signature Market Roundup


1 W$ E1 N# }8 E0 I; t6 ?* ?Eric Bushell
1 l% z1 {) f! ~& u1 wSenior Vice-President,
Portfolio Management
and Chief Investment Officer

5 Y) P4 C% v6 H6 r0 }& Z$ K1 t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
; \; J8 N' }% O" D! }European sovereign crisis and a U.S. slowdown. The second
; X5 J3 K9 ]% I1 u! W* ?( ephase began with the U.S. Federal Reserve launching an
, o4 J$ A0 q1 Iunconventional 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
( i5 D( ^) c+ m* ~( r1 ~+ Band equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
- m# {: D6 ^3 f  W* AU.S. fi scal retrenchment and relief on the part of bond
7 [( L; K+ N# p+ Q2 }3 a/ N' pmarkets. Given the success of the policy and the heightened
7 Z( ?3 X. Q( U0 n5 O) @& Zuncertainties elsewhere, it may be time to move to a more
2 d, U: Z; L1 l. h% Q. }3 |neutral risk positioning.