市场综述

小曲

0 V- |% y+ K0 ^" k# ?" {8 f% G4 x+ gSignature Market Roundup

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) w  Y( ]/ I* ?, VEric Bushell
# a9 A3 U7 ?4 ~5 ^8 [Senior Vice-President,
Portfolio Management
$ ^/ P7 {$ R" e8 r) D$ _' M+ qand Chief Investment Officer
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; _  I# w, A( y% M0 M% l# b" \: 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。
4 Z7 h" n4 B& \4 u) C5 I! q1 ^, o/ h
1 t' X. i% W$ l& y8 \8 c& SThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
" L( u  H+ v* A( y$ g' lran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
% Q- ]! \5 I" h& F8 Jphase began with the U.S. Federal Reserve launching an
4 B1 e9 b9 R. h( N: S4 Junconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
4 r4 {! V1 L8 r$ c3 Cfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
9 s9 ^- x# O1 M# Jfor dollar stabilization grow; this would be helped through
: f6 r6 n+ Q, P5 S9 UU.S. fi scal retrenchment and relief on the part of bond
3 L" P  L1 L  l4 l2 D1 Wmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.