市场综述

小曲

( Q9 T; S/ _' Z9 }Signature Market Roundup

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Eric Bushell
/ K' g! T0 I* P% y. H* X: y$ fSenior Vice-President,
9 O  I# k" V( P/ b3 r/ g7 ]Portfolio Management
4 r/ x4 `% g6 A8 b: nand Chief Investment Officer
$ j% w( o/ P# n1 \7 i/ V
4 p: Q" u# f( M6 G8 \" ~. R, X, M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
" J) `9 S! J; |: Y: tmay be drawing to a close in April 2011. The fi rst phase
7 t9 |8 H) r. D7 _( l$ b2 L7 iran from March 2009 to April 2010 and was halted by the
1 A6 b( E$ U5 ]: P) u6 ~5 @$ E; nEuropean sovereign crisis and a U.S. slowdown. The second
6 ?  L4 N% \( @3 T+ m8 |phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
1 i8 Q+ A# C% Y' X: P2010. 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
- G- C% D( \$ L! E# Xfor dollar stabilization grow; this would be helped through
8 m' o; h2 c' X2 c- ^U.S. fi scal retrenchment and relief on the part of bond
( z/ o7 }- P1 V, p1 ^- [& q# Omarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.