市场综述

小曲

; R8 u( \, `6 V/ \
Signature Market Roundup
+ o+ F9 j, r* j6 R3 p
* B7 Z1 D4 _8 Q
Eric Bushell
Senior Vice-President,
- o1 m' k1 T3 p: wPortfolio Management
' A0 ], \6 ?7 i+ tand Chief Investment Officer
% Y; U. H9 {- S$ _3 p
( S& l3 y: O: ]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。

0 ?0 q& @2 f2 U+ _* O& e% |7 xThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
4 T0 n* u/ k* _9 t8 {* fran from March 2009 to April 2010 and was halted by the
8 q. b5 i  P2 R; _  w& _- r$ IEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
( @5 d9 P( ]. {unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
. I( X5 I' j  qfor real assets ranging from property to commodities, credit
8 @/ e' o6 ?, |8 L7 ^  Vand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
" m6 h5 H1 l! J9 p. wU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
) S. W) m4 c: g: t) n% yuncertainties elsewhere, it may be time to move to a more
% p8 u4 ]4 n1 V) X/ h0 pneutral risk positioning.