市场综述

小曲

% P# y9 x4 }  A3 n7 B# c% j/ J0 lSignature Market Roundup
( Z% U2 u" J2 a% M+ U- T* Q  M  N, w

5 d" q, }3 e" A, E( E0 XEric Bushell
Senior Vice-President,
Portfolio Management
' C7 L- u" R* h+ m% V  Mand Chief Investment Officer

" [$ m9 }6 o) E% j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
! v# b& b1 l2 N; L2 Y" ]2 L7 vmay be drawing to a close in April 2011. The fi rst phase
. G0 ]2 D% P+ H8 H! |4 V- Jran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
* H6 q* A* {) [/ d( ?2 B, zphase began with the U.S. Federal Reserve launching an
* N" y/ Q7 X+ {5 e6 |unconventional easing policy dubbed QE2 in September
; ~- r& e7 h8 t& r2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
, k/ k0 j- m) h7 ^$ v4 [for dollar stabilization grow; this would be helped through
, @0 Z2 C$ B1 @/ E, ^  L. pU.S. fi scal retrenchment and relief on the part of bond
markets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
7 l% [+ W: U8 R- j' G) q* Nneutral risk positioning.