市场综述

小曲

" b+ g$ k  u; jSignature Market Roundup
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Eric Bushell
Senior Vice-President,
, i% ~$ U3 o- y" Z. ?$ }7 m7 [Portfolio Management
& N. X/ {2 x1 ]* F! V# a% qand Chief Investment Officer

' B9 e7 _1 w2 n: m3 u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
: r4 Y) Q. t( G( Rmay 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
! y0 K7 P2 ?6 P, Z& M$ rphase began with the U.S. Federal Reserve launching an
) e% m  l) L: y  S$ \2 qunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
- H7 L7 ~  n5 Band equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
' A2 w& M) b6 ^( T  J9 AU.S. fi scal retrenchment and relief on the part of bond
0 |! Y$ y1 o$ x. u6 omarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
! O! |& H4 j) J7 fneutral risk positioning.