市场综述

小曲

; {0 f" d# K0 {& z% n. l/ r" R2 [) MSignature Market Roundup
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7 v( [5 a  O3 Q7 IEric Bushell
7 C" y' b$ t) g0 Q% _& Y9 O3 bSenior Vice-President,
: m* Q! F4 g% A, hPortfolio 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
- ?. }$ p, u$ ^1 f, u% smay be drawing to a close in April 2011. The fi rst phase
. M- u" p% b  c4 ]; J2 z# Jran 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
  M/ Y& U6 Q- \unconventional easing policy dubbed QE2 in September
; \6 v4 r: g1 g1 I% F9 b7 C0 i2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
& T& W! o2 s- Z( Nand equities. As we near the end of this policy, prospects
/ X0 J, v5 N* A8 S# o% Lfor dollar stabilization grow; this would be helped through
5 @1 F3 N& {( AU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
4 X4 u/ j  ~2 d  q" g* s% g0 F+ ]( Wuncertainties elsewhere, it may be time to move to a more
/ Y' t2 a* d& N. Pneutral risk positioning.