市场综述

小曲

Signature Market Roundup
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: N" {$ f) m! d; \+ a, CEric Bushell
Senior Vice-President,
Portfolio Management
4 e6 |  f" o5 m$ V$ A; hand 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。
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The second phase of the post-Lehman recovery in risky assets
% f* Y8 {/ R0 [& ?0 N0 [may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
. r' e) H4 e7 e8 D! D) P/ z1 cEuropean sovereign crisis and a U.S. slowdown. The second
3 d2 _% K% g9 p9 n5 Y  j) uphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
% Y( K, ~  s, C* |2 f' L2010. This action saw investors exit the dollar and scramble
, [; c& b8 z/ l/ Kfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
1 Q3 w: w! T4 A0 i8 Z! r  x% t2 W8 \for dollar stabilization grow; this would be helped through
6 x' P: s* b& R. oU.S. fi scal retrenchment and relief on the part of bond
0 h, I7 U' v; O* N8 }0 q, Omarkets. Given the success of the policy and the heightened
/ F  z6 C! c3 g" Iuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.