市场综述

小曲

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Signature Market Roundup
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Eric Bushell
Senior Vice-President,
Portfolio Management
+ b% i& ~2 a: C& K0 P& A0 P; J" {and Chief Investment Officer
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8 U# q& @; z6 S, R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
( ?% y6 r: J/ b& o# E; K/ aran from March 2009 to April 2010 and was halted by the
2 U! a' u& b+ X! uEuropean sovereign crisis and a U.S. slowdown. The second
/ f4 e( u8 i/ X0 Z. L- Gphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
3 g+ O  [3 m% x# t( X( N. Z' p0 h2010. This action saw investors exit the dollar and scramble
/ Y7 j9 O: T3 O2 R- g/ H6 Rfor real assets ranging from property to commodities, credit
+ v& Z" I* H# D3 uand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
' r5 O7 I% |- W) Y" ?! kmarkets. Given the success of the policy and the heightened
( i) e9 [) d0 {" `6 s( ]; }uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.