市场综述

小曲

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Signature Market Roundup
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% I/ G9 y# H9 ~8 wEric Bushell
# T& j) y: F& k# Z- S. e. X) ?  @, LSenior Vice-President,
( }" a  ~# U# T" @! wPortfolio Management
and Chief Investment Officer

" v7 Y* R! A9 m0 C; 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
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
( ~/ w7 a7 m& R- m( x6 y0 yEuropean sovereign crisis and a U.S. slowdown. The second
% x# v7 k* h4 M% `- @phase began with the U.S. Federal Reserve launching an
- s9 l0 A( c% munconventional easing policy dubbed QE2 in September
. i' {  V. Y9 ]; P& Y2010. This action saw investors exit the dollar and scramble
; @  }2 E: L: b0 i9 Xfor real assets ranging from property to commodities, credit
! z4 ]1 `7 _7 l( Dand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
# e  [5 R# y! P% JU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.