市场综述

小曲

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! F; ?% P/ E+ U! hSignature Market Roundup
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0 ^; V. a  w# d# a" YEric Bushell
Senior Vice-President,
Portfolio Management
6 X( o$ `4 m' X1 }0 M- B; oand 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。
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The second phase of the post-Lehman recovery in risky assets
. K1 Q, _. e% Lmay be drawing to a close in April 2011. The fi rst phase
ran 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
! f' _3 \1 I8 V  n. m2 ~, xunconventional easing policy dubbed QE2 in September
6 M1 Y! |7 u# P/ I( I2010. This action saw investors exit the dollar and scramble
- x* q" G* S* {) o0 o3 x: l; pfor real assets ranging from property to commodities, credit
# C6 z# ?. b( \9 S9 S2 N9 Hand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
& X" s0 |' S6 \; |6 {2 P, w. K5 a  BU.S. fi scal retrenchment and relief on the part of bond
0 x# @7 H* B0 b" v& B/ ]markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.