市场综述

小曲

Signature Market Roundup

3 ~# [4 y- o; V+ K" x! ?" \( a) w
& d$ e) o  S+ G- N! `# q) t4 sEric Bushell
1 j" x6 J* R& M5 L* TSenior Vice-President,
% @) `; P4 W( s$ k, jPortfolio Management
and Chief Investment Officer
, n1 w! J- |. `8 ^3 I
1 }0 Z- W2 Y6 T7 m# `! o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。

! j0 M- w; W  DThe second phase of the post-Lehman recovery in risky assets
8 N& M0 T5 d3 Q+ ~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
( E  q& W# K5 Q9 R( pphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
- C+ _6 q! A% j5 F$ V' B! O9 }4 R2010. This action saw investors exit the dollar and scramble
, e1 P  `1 g2 mfor 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
+ T* Z' @( a8 R& K& P! p2 x4 Ymarkets. Given the success of the policy and the heightened
) _* Z* P+ p1 l' x3 R8 h) suncertainties elsewhere, it may be time to move to a more
neutral risk positioning.