市场综述

小曲

+ u: u: u$ W4 V+ y6 KSignature Market Roundup

$ Y$ J4 K. w; ]" l7 ^
Eric Bushell
Senior Vice-President,
Portfolio Management
9 H7 y6 B, `$ L0 J2 v! Jand Chief Investment Officer

2 ?% A' D# o" A* ~, ]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。
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2 h7 }3 S9 d- u+ n! D. U& gThe second phase of the post-Lehman recovery in risky assets
7 Y! s. q1 y6 R6 S3 f& Bmay be drawing to a close in April 2011. The fi rst phase
. [  i5 ~* U7 O/ A* {ran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
5 C) h; z) X1 Q' A. X  L( C  aphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
/ k5 k4 o+ ]1 G2 V8 gfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
0 n# d* |) r2 D/ Z& y6 ufor 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
0 w$ }5 f  a5 _% o9 Auncertainties elsewhere, it may be time to move to a more
; B2 Y! o. [5 j, T& [6 ^neutral risk positioning.