市场综述

小曲

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5 f) B4 Y; ?- O* r; J3 zSignature Market Roundup

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5 X7 l) V/ M. l$ q5 f! IEric Bushell
: K/ I9 j: l6 a! u& g& }3 R3 v7 P+ aSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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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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" _4 z1 C$ U8 r4 W. vThe second phase of the post-Lehman recovery in risky assets
4 i  b' i3 l9 c# F9 amay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
' t) M# @1 r; c9 ~% m- Q& @" jEuropean sovereign crisis and a U.S. slowdown. The second
$ ~' K: O% Q5 N/ d4 ]" a, Gphase began with the U.S. Federal Reserve launching an
8 `: R. T" Q# O; T* t9 Uunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
0 I( k/ N4 T4 b7 Y  n8 f- _9 ?for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
, |* h( i# n4 v6 i! u2 TU.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
6 ]( d" s0 k6 z& _  p( Vneutral risk positioning.