市场综述

小曲

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% R" ~) ?+ G* D9 G2 NSignature Market Roundup
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/ N0 o" E. t1 T$ w3 b9 k2 M4 XEric Bushell
% n# p7 S8 w) ~( RSenior Vice-President,
2 G5 S, f/ J& N9 }Portfolio Management
and Chief Investment Officer
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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。

( o0 ^8 X2 B5 b. tThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
& `8 S- z; U9 v9 V7 A6 @! t- B; I+ Sran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
" w) h4 g9 a& p# Q7 C8 Dphase began with the U.S. Federal Reserve launching an
9 G& n- @3 e( W5 D2 H2 |unconventional easing policy dubbed QE2 in September
( H$ ]. }# N  |+ Q: a0 q* ]2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
+ g3 a5 [: w/ ~$ L# fand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
& A& F" ?) T, y) L5 R6 F  fU.S. fi scal retrenchment and relief on the part of bond
& n) b3 q4 x! C! O7 z; M1 x" G; }) Ymarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.