市场综述

小曲

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- j1 ^8 B4 E# |7 t/ N  USignature Market Roundup
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7 y( B$ h$ ?+ c3 EEric Bushell
Senior Vice-President,
2 M4 a% P7 r0 m( }+ B% v) n7 WPortfolio Management
and Chief Investment Officer
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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
1 |! f: r7 n7 O6 i/ n9 k+ Amay be drawing to a close in April 2011. The fi rst phase
' o1 }: x3 |# ?0 g) mran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
) M+ |' ^8 N  u' ]# j" b" E# d8 {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
7 U! ~; ?( W7 \2 n% Oand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
- h& y0 f0 z5 aU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
, D: u/ _. A$ m/ {3 `9 q, fneutral risk positioning.