市场综述

小曲

/ F* B+ \! _: F, }- o! r$ QSignature Market Roundup

% y! c* s* J. u5 K) n( _. I2 q9 E* o  B
" u0 ?# V0 l! yEric Bushell
& ?' L  V$ `" ?5 n7 @Senior Vice-President,
Portfolio Management
and Chief Investment Officer

# f$ `8 Y2 L! U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。

! r/ {" Y5 c8 FThe second phase of the post-Lehman recovery in risky assets
7 V5 O; `  E/ g5 r; j4 n! \# Xmay be drawing to a close in April 2011. The fi rst phase
& `7 b! Q$ \$ a0 hran 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
. l, u& M5 O) K) s: m1 W" {! g  ]unconventional easing policy dubbed QE2 in September
9 S8 }* j+ H! _# c' a" a2010. This action saw investors exit the dollar and scramble
: n6 P6 E1 b3 c) h  L+ Mfor real assets ranging from property to commodities, credit
6 {# N) [$ u5 z  {and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
/ ?; Q: m. o. @9 h3 x) ?U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
6 `( o' S' m, D+ qneutral risk positioning.