市场综述

小曲

. Q6 Z5 T7 t4 ]- W8 TSignature Market Roundup
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2 v5 G9 q4 Z; N: v6 jEric Bushell
6 B; q: _9 W" I9 HSenior Vice-President,
Portfolio Management
and Chief Investment Officer

2 B& p" f  G+ l) U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
* B6 _9 S$ }+ |5 M5 O( `  G, bmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
6 Y: l6 E9 D5 v6 K5 ~) cEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
2 E2 |/ d; `8 Z# g6 P, @unconventional 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
! O, J" A3 D6 X8 _9 f# e# Mand equities. As we near the end of this policy, prospects
. U& [& J% E& F9 C+ ufor dollar stabilization grow; this would be helped through
" }) d3 u- K6 I' P3 p* i4 tU.S. fi scal retrenchment and relief on the part of bond
) R& M8 Y! a- X$ ?2 X( Smarkets. Given the success of the policy and the heightened
/ i& X: ^- a+ E) N' Duncertainties elsewhere, it may be time to move to a more
neutral risk positioning.