市场综述

小曲

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0 i) B) \1 n1 rSignature Market Roundup

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# F7 T% r# z+ j/ ~0 Q5 s3 E2 UEric Bushell
Senior Vice-President,
. b. E( U  T0 C1 d; U; TPortfolio Management
and Chief Investment Officer

- d( o, I" L- e2 W; g1 B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
  w: s8 ^& ^8 }" {* V& e) Z: |7 `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
4 F/ C& L* \6 L* Q5 MEuropean sovereign crisis and a U.S. slowdown. The second
1 G+ f$ r7 y' u1 I. |. @5 Lphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
6 d3 X# r+ _  t, W$ ]* O. h' t! U& I: G2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
: B; o7 [# v* [and equities. As we near the end of this policy, prospects
, |0 _4 k  r& [4 \  b# ~  ~for dollar stabilization grow; this would be helped through
# f8 F; Z* c1 ?1 h  p' o6 WU.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.