市场综述

小曲

/ H- Z4 ?% A; ~5 {3 i- W7 y6 S+ iSignature Market Roundup

( _2 |7 }8 v2 g$ U; o
* t. x) R' h' X- mEric Bushell
Senior Vice-President,
: X6 _7 |. g7 XPortfolio Management
$ H' V+ ^8 `& ~and Chief Investment Officer
+ N+ Q  z' L0 M9 M% t( S
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。

/ [% s1 l. l& `- M$ jThe second phase of the post-Lehman recovery in risky assets
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
European sovereign crisis and a U.S. slowdown. The second
5 m3 l) L3 J7 p( t5 F; kphase began with the U.S. Federal Reserve launching an
7 A0 j4 n6 ], ]3 R6 qunconventional easing policy dubbed QE2 in September
$ w( V" ^$ n- Z; P3 M2010. This action saw investors exit the dollar and scramble
: H( G, a, o, z, ^* ]8 U- qfor real assets ranging from property to commodities, credit
7 D* h  Q8 s, m! ~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
markets. Given the success of the policy and the heightened
3 i& C" e1 H5 G* l! G* K' Auncertainties elsewhere, it may be time to move to a more
( w! P. o6 F8 S4 r0 |, D( \) l! O' Yneutral risk positioning.