市场综述

小曲

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5 v$ h) U5 Z( D! ~8 `9 iSignature Market Roundup
3 ~) \0 w$ z% |2 C) R7 X

Eric Bushell
Senior Vice-President,
' s9 i' ]- g# PPortfolio 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
may be drawing to a close in April 2011. The fi rst phase
% R7 m) A* H1 F# _" Rran from March 2009 to April 2010 and was halted by the
" d& L6 N: ~/ D6 \European sovereign crisis and a U.S. slowdown. The second
( M2 S* e/ s9 E5 m  ?phase began with the U.S. Federal Reserve launching an
% s9 Y5 |. P+ y# @/ j% y; j' Bunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
) [  M) g# G! M# m: r' [5 gfor real assets ranging from property to commodities, credit
% t  \/ ]' q+ e  Dand 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
. [+ F$ l: U# f  z* [5 vmarkets. Given the success of the policy and the heightened
9 P: F, _5 O1 y7 Z' X6 c' S2 [uncertainties elsewhere, it may be time to move to a more
) e2 X; H# @' f0 _, L0 Gneutral risk positioning.