市场综述

小曲

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* m: T, w% K& i5 P9 E- ~( S% S* vSignature Market Roundup

8 z) R2 v; U7 w; `# r
- i  j, J6 P+ h$ r- {Eric Bushell
Senior Vice-President,
Portfolio Management
and 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
  @6 h2 x: N: L2 o+ @8 l( n0 Kmay be drawing to a close in April 2011. The fi rst phase
ran 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
+ F; k$ x$ l) n* ]+ ?6 Ounconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
8 O- v& |# s% B3 B% c0 O: P. nfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
7 E# F! A4 P8 v# v& x. cmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
* D# t7 f- Y8 h& E% W, vneutral risk positioning.