市场综述

小曲

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; z' f. i9 r2 `3 t5 V4 X& h6 v0 _Signature Market Roundup


3 C  X" i+ S3 R) g' ?& W2 MEric Bushell
, ^2 U0 i' _5 u/ ~& ASenior Vice-President,
Portfolio Management
and Chief Investment Officer
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# a% L. n, g3 w! r) _. h2 C# A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
! X/ z( j+ f. w/ |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
3 j6 ]" p* z& d; W( ]. [" QEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
  H* w  m; Q+ H. b8 _unconventional easing policy dubbed QE2 in September
  J( J0 v6 P0 @  {9 k2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
6 U- X0 N+ Q3 N  q: ffor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
) C5 B3 I& I% m) h3 euncertainties elsewhere, it may be time to move to a more
neutral risk positioning.