市场综述

小曲

, ]: k. ]" c, v( o9 Z1 GSignature Market Roundup
  Q# T' P# Q7 n

% V- k$ G7 t, K( c& |! [Eric Bushell
+ r* L% Z2 R& V$ B0 F; qSenior Vice-President,
, }3 d% s0 X" p8 v$ \/ ]+ }5 f; FPortfolio Management
and Chief Investment Officer

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。

: @: e9 g9 a- n" C4 X& [9 pThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
; g5 N  r5 w: K) IEuropean sovereign crisis and a U.S. slowdown. The second
# u. i. I$ l" A* i/ u$ X4 [8 sphase began with the U.S. Federal Reserve launching an
9 B* j( W( y$ c) t1 ]- J5 f2 Zunconventional easing policy dubbed QE2 in September
" \: W2 ?# o6 g8 P* |1 J1 n2010. This action saw investors exit the dollar and scramble
! W) H4 V( }/ D; C" Hfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
# c1 K3 r& u! A4 X/ |/ ?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
/ P' i# a7 E8 J5 Z8 Q! C: y  Luncertainties elsewhere, it may be time to move to a more
neutral risk positioning.