市场综述

小曲

- l, |% t3 u+ P  ySignature Market Roundup
' D; e( Q& t+ O( N9 f

Eric Bushell
! M9 |, c2 K& hSenior Vice-President,
Portfolio Management
8 I! P% E' I* d% d1 [* o2 h  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
; n4 z+ b. V* h9 H+ Dmay be drawing to a close in April 2011. The fi rst phase
+ V4 [7 \, v! r2 N$ p& w# k/ N2 G* Lran from March 2009 to April 2010 and was halted by the
European 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" e. C7 l! E* ~2010. This action saw investors exit the dollar and scramble
& F4 U, B+ O" L, Efor real assets ranging from property to commodities, credit
9 n  |) S6 C: k* ~4 aand equities. As we near the end of this policy, prospects
5 q0 q# h- M) q' q2 {for dollar stabilization grow; this would be helped through
& C: w" B2 {- r/ l" @5 `U.S. fi scal retrenchment and relief on the part of bond
) S1 k5 P8 H( ~/ k/ }/ R; u; wmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
% K8 p# z- C* w8 o( ?neutral risk positioning.