市场综述

小曲

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1 Q) O" K( X9 ~5 |Signature Market Roundup
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Eric Bushell
Senior Vice-President,
2 C( }; o0 ~! x# S- P, XPortfolio Management
and Chief Investment Officer

' A* o+ D/ {& i$ X# {* o8 _6 _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
may be drawing to a close in April 2011. The fi rst phase
0 }4 \2 z, y3 C& Pran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
8 ?6 w7 z* j6 @8 F" g& o( K* s5 \phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
  m% U+ {) [& J- a9 H. S- y. \2010. This action saw investors exit the dollar and scramble
5 o6 |2 L% [2 m5 G' ofor real assets ranging from property to commodities, credit
; U, T5 h+ W) _& F) u$ {) qand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
8 P9 v  ?( e: z; MU.S. fi scal retrenchment and relief on the part of bond
3 Z9 D+ H" ]+ u( vmarkets. Given the success of the policy and the heightened
( ^  v+ u5 l/ ^  u0 H+ funcertainties elsewhere, it may be time to move to a more
neutral risk positioning.