市场综述

小曲

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5 K" t2 X1 \" y5 }6 `1 }$ oSignature Market Roundup
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Eric Bushell
+ o, P+ t7 _3 A6 T/ [Senior Vice-President,
3 J# d& T. ?& v7 Z. rPortfolio Management
and Chief Investment Officer
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7 w( Z0 h% V9 O2 _3 A% i/ 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。
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The second phase of the post-Lehman recovery in risky assets
  N# K$ p- H3 bmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
0 }' e! A! S/ ~7 O; AEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
6 e. Q3 M" Q. w  _" F# [: j& eunconventional easing policy dubbed QE2 in September
, K$ c7 L# z& q1 S8 ^- n3 V7 V2010. This action saw investors exit the dollar and scramble
& ^; V# |; o: 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
4 v# U  w* E- ]* qmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
) e0 A4 r' A& d& v; @neutral risk positioning.