市场综述

小曲

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- ]+ I8 G& S+ J; C( rSignature Market Roundup
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Eric Bushell
# `1 e9 I2 z+ Y5 o5 @Senior Vice-President,
2 X2 Q* i9 j% B, e/ W* i6 A# VPortfolio Management
+ c" {/ J0 v. l% ]8 j$ R" Fand Chief Investment Officer

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
: d1 m+ Q8 h+ H/ }may be drawing to a close in April 2011. The fi rst phase
, ?4 O0 x/ J; y9 w' Fran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
5 v0 G: x6 N* w. aphase began with the U.S. Federal Reserve launching an
  Y" ?! I6 c. r" ]0 t& k6 aunconventional 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
6 W0 R+ ?( b+ j3 J3 wand equities. As we near the end of this policy, prospects
5 M4 |1 r- W1 Sfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
) r9 U- X0 ^$ ^) G% U+ Hmarkets. Given the success of the policy and the heightened
, p3 g( P" e4 p2 D/ P0 funcertainties elsewhere, it may be time to move to a more
neutral risk positioning.