市场综述

小曲

) c" e, o0 o6 P% y% BSignature Market Roundup

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9 n0 \* \$ m; R+ y1 o/ {" GEric Bushell
- `) N' a" r) x/ g- J) y% WSenior Vice-President,
7 R/ y# p- \4 a6 z/ LPortfolio Management
9 ^, m  y* w4 {; ~8 Qand 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 c& l( I/ t6 g4 H/ x/ m$ B8 `# oThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
  n) c- ]6 Y9 C+ o3 Y, cran from March 2009 to April 2010 and was halted by the
/ ?" r: a0 j, g9 p7 s2 uEuropean sovereign crisis and a U.S. slowdown. The second
, \8 I. U, ~5 o  h; M5 Vphase began with the U.S. Federal Reserve launching an
2 b( |: A2 [. Funconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
: K' \+ H8 t( c% a1 r; O# jand equities. As we near the end of this policy, prospects
7 E# N& J8 o. \2 {+ {for dollar stabilization grow; this would be helped through
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
' |5 H' O# g8 \; B/ uuncertainties elsewhere, it may be time to move to a more
* P. w2 P5 s& J5 p. W& Y$ pneutral risk positioning.