市场综述

小曲

3 Z$ a3 L% |7 t6 B% L! D4 o7 y9 xSignature Market Roundup
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Eric Bushell
Senior Vice-President,
Portfolio Management
% \. k/ J& |; _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。
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7 s3 y, F2 a4 _2 \- @( C7 VThe second phase of the post-Lehman recovery in risky assets
# F* T9 [* @8 emay be drawing to a close in April 2011. The fi rst phase
4 ~/ t# f  _$ V9 ~ran from March 2009 to April 2010 and was halted by the
6 W( Y+ P/ V0 Z1 g% BEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
, P, Z9 w9 K* C6 M  x2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
0 u2 B; D% e( dand 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
markets. Given the success of the policy and the heightened
# U) k6 r9 p4 |* w& L+ euncertainties elsewhere, it may be time to move to a more
neutral risk positioning.