市场综述

小曲

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9 V6 T$ v; q6 N9 D) e, uSignature Market Roundup


, {% I* [% r( ~1 \6 F9 ~Eric Bushell
Senior Vice-President,
Portfolio Management
and Chief Investment Officer
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4 ^$ h1 U) c8 K1 |) Y$ ~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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The second phase of the post-Lehman recovery in risky assets
1 m& e/ }: z: r: a) jmay 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
" F& L9 @# k  N: l. fphase began with the U.S. Federal Reserve launching an
; H+ ^2 V& {, M9 c/ |& T1 wunconventional easing policy dubbed QE2 in September
* C' o. b) L( w2010. This action saw investors exit the dollar and scramble
8 N+ K, S2 m5 u6 @  U5 c0 lfor real assets ranging from property to commodities, credit
# I- v& c' E4 S4 ]3 I2 ?; ]and equities. As we near the end of this policy, prospects
* R5 H0 L* G0 {( Pfor dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
) L9 z, v# B  ~6 w8 l& [$ u4 lmarkets. Given the success of the policy and the heightened
; i% K4 C6 R, t( j, Y! Xuncertainties elsewhere, it may be time to move to a more
2 Q" C. [! w/ T4 B& \2 Pneutral risk positioning.