市场综述

小曲

6 y2 X# `- S/ v; s6 g" T8 t! u/ kSignature Market Roundup


* y  f- `; M5 a8 r' fEric Bushell
% e  C) R/ G" g  K1 DSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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/ z1 E. v$ j$ @3 C  p8 ~& x6 k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。
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The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
  ~' r$ d. Y" F! _! gran from March 2009 to April 2010 and was halted by the
5 Q& a0 R1 ]* }* T$ X: I6 [% 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
; S, q3 M) {) A4 q0 r. o( c, wfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
5 p# y5 D; i+ j" l6 k9 \7 @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
! W% k/ a. J3 i+ x5 @' luncertainties elsewhere, it may be time to move to a more
: o5 J7 ^, V' T) c8 c' w; E1 J. b( \neutral risk positioning.