市场综述

小曲

3 M8 N1 W" P  g2 o& v3 R
Signature Market Roundup


3 x& z9 m) \) ?) j+ }Eric Bushell
0 F5 ?. j4 x* T. [' h5 jSenior Vice-President,
9 h$ |* u. T& OPortfolio Management
and Chief Investment Officer

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
4 d! r6 v* r6 k7 _  o4 L9 {4 b5 b- Cmay 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 |5 k  D( J' d" ~( ]European sovereign crisis and a U.S. slowdown. The second
' m9 e# X+ U: I8 e) ophase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
) w) Y8 T* s( e2 U2010. This action saw investors exit the dollar and scramble
. |4 k( u' k* ]0 H) |0 F! rfor real assets ranging from property to commodities, credit
and 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
+ J0 E% y* D( u. xmarkets. Given the success of the policy and the heightened
& K/ }* d& d9 O4 d8 Z+ uuncertainties elsewhere, it may be time to move to a more
& j. ^4 q0 ^, v, `neutral risk positioning.