市场综述

小曲

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' v" I% n! p5 h2 l% w. C! j# S4 dSignature Market Roundup

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Eric Bushell
Senior Vice-President,
/ P: a. c  [$ W$ k& R# lPortfolio Management
2 ^; w8 p& Q6 n2 z$ F- q7 aand 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。

The second phase of the post-Lehman recovery in risky assets
* K8 O3 T: y" o; I" _8 Qmay be drawing to a close in April 2011. The fi rst phase
& n' T6 n5 G& V# k' l! {ran from March 2009 to April 2010 and was halted by the
" E" m7 M- p& a8 j/ K# kEuropean sovereign crisis and a U.S. slowdown. The second
3 }: C6 J7 f1 r4 {8 Y+ U, kphase began with the U.S. Federal Reserve launching an
! o8 }2 K; @5 Q: T0 v; Cunconventional easing policy dubbed QE2 in September
! z" K0 ^8 S1 R; O, g2010. This action saw investors exit the dollar and scramble
6 E0 b, _% m0 ^' _, J1 R0 mfor 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
U.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
: t# |- u( r1 ]8 W5 [% Tuncertainties elsewhere, it may be time to move to a more
" }2 `. P, }( o8 B. b1 [neutral risk positioning.