市场综述

小曲

Signature Market Roundup
+ `4 v4 h6 e8 c- [

  U8 C$ N; h6 iEric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
7 l& I+ B; s* I8 i0 @
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
3 V/ M+ b& K0 E3 p( c6 |may be drawing to a close in April 2011. The fi rst phase
7 X" z9 m( S3 I+ y/ ^& Gran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
/ N0 f. d; b; T# N0 H2 C9 Runconventional easing policy dubbed QE2 in September
$ S1 _' t! A+ t# {3 @% z2010. This action saw investors exit the dollar and scramble
3 H5 ?) O) J- ^- ufor real assets ranging from property to commodities, credit
. M9 E; q  d! n. r4 I. uand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
. G% r  A& L9 y& K3 sU.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.