市场综述

小曲

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1 l# B: y; B+ O. Y* KSignature Market Roundup

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, p( a0 m9 e6 z7 G- J1 C; ^Eric Bushell
Senior Vice-President,
Portfolio Management
2 h, }, v' K6 w# K7 kand Chief Investment Officer
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" q. x; X0 k  D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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( i. m4 ^* a- S3 n% ], P9 \The second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
8 r. k" I9 ?: r5 J/ h% _ran from March 2009 to April 2010 and was halted by the
7 j) |* l* Y' HEuropean sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
+ M8 S/ t2 j' x: g0 |unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
* c' w& F" e  X; W9 j: L9 \: pfor real assets ranging from property to commodities, credit
' V' P, j7 z% u: C8 U+ u- Pand equities. As we near the end of this policy, prospects
9 }8 L4 V" O- y8 u2 z0 ~7 Hfor dollar stabilization grow; this would be helped through
8 e/ N, U; d) ^4 V- fU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.