市场综述

小曲

Signature Market Roundup
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4 W! U- ?1 u' q/ PEric Bushell
8 k; {4 M( y/ f! q, I* s$ V2 C- `Senior Vice-President,
& u5 v# H4 M( ?! ^) c0 Q4 o8 Z% RPortfolio Management
and Chief Investment Officer
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7 j, u1 c  L, \! f) P. a3 B1 `3 [- L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
8 X# b% Z( K' {% x" dmay be drawing to a close in April 2011. The fi rst phase
$ j8 @& o. \; W! `4 zran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
% n, ?- ~' M4 u& P) I' Munconventional easing policy dubbed QE2 in September
7 M* N0 D, E; X9 J  c4 x2010. This action saw investors exit the dollar and scramble
  o0 `2 x9 W2 {. Gfor real assets ranging from property to commodities, credit
* X% \' C+ F9 ]and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
' l3 f0 P4 F( q9 H5 vU.S. fi scal retrenchment and relief on the part of bond
/ n- I/ c% f4 r/ x7 g" Vmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
7 k) N. V' X7 o$ Y/ Aneutral risk positioning.