市场综述

小曲

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3 U- H, Z* q$ Y, K% bSignature Market Roundup
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Eric Bushell
Senior 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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The second phase of the post-Lehman recovery in risky assets
* f" Y' P5 X" v$ G& X6 ?may be drawing to a close in April 2011. The fi rst phase
5 B1 Q: E+ E2 Pran from March 2009 to April 2010 and was halted by the
% ]- n1 m! p! l5 u& v" B  yEuropean 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
- z  W; `2 f; q( A3 h0 g0 ^! H4 x2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
6 S$ }3 v* J. w% w# s$ ~* iand equities. As we near the end of this policy, prospects
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
( i% D! g& [2 C$ A& f* ouncertainties elsewhere, it may be time to move to a more
! e- F& ?2 A) ^/ Z% Rneutral risk positioning.