市场综述

小曲

0 v" _; L; S0 v0 U' N$ hSignature Market Roundup

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$ H. e, y9 q$ _9 ]8 XEric Bushell
+ s5 D) }) l' V0 c6 I/ F7 SSenior Vice-President,
  Z9 p* f+ L0 N6 J8 C* E! ^3 yPortfolio Management
" \; \5 z1 H# t0 K/ k  P! Zand Chief Investment Officer

! t9 L, x" L0 P/ n+ s2 J3 T+ 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
3 O1 n: m- \* ?, V2 s8 |. Z, Qmay 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
phase began with the U.S. Federal Reserve launching an
/ j5 g  a8 S$ Iunconventional easing policy dubbed QE2 in September
0 x7 F# M+ b: v- E9 S& O2010. This action saw investors exit the dollar and scramble
4 e, s0 _3 a6 @* H. r5 Z) `for real assets ranging from property to commodities, credit
+ U9 e2 u+ [- g9 @3 k8 Cand equities. As we near the end of this policy, prospects
+ s8 d! A+ C$ w  P7 y$ U* W7 S/ ofor dollar stabilization grow; this would be helped through
6 k! h( k& Y4 F8 T* f$ K% xU.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.