市场综述

小曲

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& Q. J) C! F$ F" V& ^+ J0 kSignature Market Roundup
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( P: v/ S) V+ \4 C& }6 J5 p4 t3 NEric Bushell
# H$ o& ?; B$ }1 a/ y7 eSenior Vice-President,
& L, m. k: C$ W0 J1 F8 ePortfolio Management
; P/ s) p' w' A" d( P6 N! q. jand Chief Investment Officer
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5 W5 Z( ~9 l+ I5 ~  H  V- p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
ran from March 2009 to April 2010 and was halted by the
, \/ U  f9 B6 @- a$ }& l8 t6 Q& JEuropean sovereign crisis and a U.S. slowdown. The second
( _4 @2 L2 d, J3 u9 [7 W3 U' x* v7 |phase began with the U.S. Federal Reserve launching an
/ h- [6 d' X$ m1 K; D9 ~unconventional easing policy dubbed QE2 in September
+ w. B9 d  L& a6 {& X3 U2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
) P4 B- I* V& j- |. I: Band equities. As we near the end of this policy, prospects
6 B8 ]+ l: S) P( K. r- x4 z- @for dollar stabilization grow; this would be helped through
: R1 Q# U% ?9 T2 l, nU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
) D# G; o6 D1 y4 t# W0 Zuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.