市场综述

小曲

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5 A6 X/ `6 q4 m2 _- q" S0 @( fSignature Market Roundup

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Eric Bushell
, }. r  o: p. Q  G4 [, WSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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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。

5 ]0 \0 U4 u4 s6 t% {1 H# wThe second phase of the post-Lehman recovery in risky assets
6 e# P/ o6 I& u+ qmay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
5 a; J& R. |0 U! h, m0 pEuropean 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
5 z- [3 A, [6 I" I+ v0 I& _for real assets ranging from property to commodities, credit
4 @) x$ V! u# ~' V4 W7 pand equities. As we near the end of this policy, prospects
0 ]& ~4 {5 z. }% Sfor dollar stabilization grow; this would be helped through
  D3 L& K. ]/ R& @( L+ ?" K2 O. ~; GU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
$ L: ?* p* N- zuncertainties elsewhere, it may be time to move to a more
* n9 q. t1 c0 [# uneutral risk positioning.