市场综述

小曲

* I* s1 O: h0 Z: t( c. ~; J2 W$ lSignature Market Roundup


: p9 x6 C: `2 S, U: oEric Bushell
Senior Vice-President,
Portfolio Management
2 i5 _4 [+ Y) K' F" y% }and Chief Investment Officer
: s: J: T" M7 C9 u
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
  m- b4 O9 k: _. x3 \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
European sovereign crisis and a U.S. slowdown. The second
9 R! V1 V4 o# g4 T9 t) K$ ?: {$ h6 Nphase began with the U.S. Federal Reserve launching an
% `5 s( T) F. ]; Y5 i) zunconventional easing policy dubbed QE2 in September
: T7 _" q) C* m" ?2010. This action saw investors exit the dollar and scramble
( F. a+ ~6 s9 ]for real assets ranging from property to commodities, credit
! ^. p0 h- m  g. ]' {7 z; mand equities. As we near the end of this policy, prospects
+ v! s+ a5 q) e* l0 Lfor 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
1 l/ s( i1 f7 }2 f4 |2 zuncertainties elsewhere, it may be time to move to a more
neutral risk positioning.