市场综述

小曲

" c3 O' g- e* I. ~2 x0 Y2 H! j% rSignature Market Roundup


2 ]# O: l" f6 k2 M/ x4 wEric Bushell
Senior Vice-President,
$ E) f5 G* ?# _& jPortfolio Management
/ W0 x; o, K& w" `" ^and Chief Investment Officer

! Y3 m0 w: F1 y: L0 w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
7 `' Q7 K4 A/ r7 \! f4 ]may be drawing to a close in April 2011. The fi rst phase
6 o/ \, F7 I! F. wran from March 2009 to April 2010 and was halted by the
6 N0 A8 c; T5 m& e) v' @; P# y" NEuropean sovereign crisis and a U.S. slowdown. The second
phase 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
# _9 ~% j! }! q" _* V- mfor real assets ranging from property to commodities, credit
" _9 r5 k* z3 w% Yand equities. As we near the end of this policy, prospects
6 K" k2 j6 A( h+ E% H3 j# Xfor dollar stabilization grow; this would be helped through
& r) t( h4 k5 G' L: L' ]U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
7 ^) `  `" _, t' k  P- f; ^' e) guncertainties elsewhere, it may be time to move to a more
neutral risk positioning.