市场综述

小曲

) y: i8 ]/ H  [& h5 BSignature Market Roundup
3 i( g  [8 ^9 x" R+ u! l; t% H

Eric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer

# R  U- s" j" D, L% {- m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
* l' y8 d$ E! X9 t  c2 cmay be drawing to a close in April 2011. The fi rst phase
6 c. S/ P) U3 m, y% }# Y; [ran from March 2009 to April 2010 and was halted by the
, Y' M' t; c% l: p* L2 t% ]; ]- D4 q4 \! HEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
' I9 ~5 H/ {  x  x$ Aunconventional easing policy dubbed QE2 in September
% o; O- i. a) G. R9 @0 \  {2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
  p( F. `$ A3 b1 Z/ D% @9 `* Cand equities. As we near the end of this policy, prospects
+ C) u5 }8 @6 ~2 t" @9 _  ~for dollar stabilization grow; this would be helped through
, k7 q- X0 ^- W" V1 f- DU.S. fi scal retrenchment and relief on the part of bond
9 n# u1 \  G9 n7 p2 S; a) w9 Qmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.