市场综述

小曲

. g& N5 m( y2 N$ S6 ?Signature Market Roundup


) B& N+ i; h3 \Eric Bushell
1 {* A; U- x- _2 n4 f. E' i$ _6 ^Senior Vice-President,
5 _1 [. i; f* l( n+ E: _" yPortfolio Management
and Chief Investment Officer

+ j) M& w* f  W5 o. Y' y$ V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
may be drawing to a close in April 2011. The fi rst phase
; L' l: c4 U8 j, p: i, p; O0 Eran from March 2009 to April 2010 and was halted by the
5 i' e4 s4 D; Q' B$ t4 V2 [, qEuropean sovereign crisis and a U.S. slowdown. The second
3 g, R& l! J0 H  E- jphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
# r! P/ M  ^1 S; g, e+ `2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
1 F4 h8 r) R, U9 J& Jand equities. As we near the end of this policy, prospects
. K1 ?. h& C! P2 k# F* W" }! Jfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
' @9 L; C$ W7 t, K! Vmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.