市场综述

小曲

Signature Market Roundup
5 B- h" t. x/ N  @

Eric Bushell
Senior Vice-President,
( I5 t: v7 L) qPortfolio Management
; s( h) |$ r: [. H$ x- _' sand Chief Investment Officer
5 P0 L: T" |9 p$ l) |/ u5 i, X  X
6 d+ ?3 J; I, e$ f. a5 e! }0 a+ g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。

3 ~* K8 h* V3 o( ~+ J) g* XThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
- @. Q) _+ E  Pran from March 2009 to April 2010 and was halted by the
8 R! ?% X5 |# N' H/ K) IEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
/ [( P5 {8 F6 gunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
) }$ D4 q% @6 p( H/ x- ~and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
3 P. ]9 }( _) [U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
; e+ z  H2 H) B6 suncertainties elsewhere, it may be time to move to a more
6 I0 T& c* s9 Z5 |neutral risk positioning.