市场综述

小曲

3 c+ [0 i2 T6 m6 u) _; uSignature Market Roundup


% \7 o1 _" S% D% e9 S' ?Eric Bushell
8 a7 j6 E9 [; n& ASenior Vice-President,
0 i* p/ _9 Y/ }; `3 jPortfolio Management
: X+ k8 A, x+ M& g- uand Chief Investment Officer

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。

9 N# k9 D( S+ c/ O2 E9 \The second phase of the post-Lehman recovery in risky assets
" o4 j% h! A* ^# Xmay be drawing to a close in April 2011. The fi rst phase
0 [3 w" a7 h8 k3 U+ Wran from March 2009 to April 2010 and was halted by the
& h8 O1 U5 K: q# {9 o2 P) d( D4 K8 |European 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
, e4 m5 k, t6 B# C+ ]2 t2010. This action saw investors exit the dollar and scramble
: E: b1 d! q0 f" Z) hfor real assets ranging from property to commodities, credit
; ~' t" `+ \; n  D. X8 x/ b% qand equities. As we near the end of this policy, prospects
$ ^! t* N7 m' o; }/ L' vfor dollar stabilization grow; this would be helped through
* d1 ]2 m1 N* ]+ k% [U.S. fi scal retrenchment and relief on the part of bond
$ Z+ {" g% D$ I, [  D& emarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.