市场综述

小曲

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9 _% V) z9 @* g8 o: X; Y+ PSignature Market Roundup


, d5 \4 n* J' {0 ]Eric Bushell
8 B) }' K/ k( d+ A5 t& FSenior Vice-President,
2 B9 X& Z$ y8 j! m5 W0 x* aPortfolio Management
+ G- t) Z6 ]) Wand 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。

  y. L3 f6 g" \* g& E% W6 G$ lThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
2 X/ b( o' O* h! Cran from March 2009 to April 2010 and was halted by the
+ \9 p" O+ T0 O' G; C  cEuropean 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
! M/ Z; S- p. N( ^! `5 o2010. This action saw investors exit the dollar and scramble
7 g$ T8 }+ i, T! K$ {for real assets ranging from property to commodities, credit
0 p. B/ o3 S$ m' B0 u; iand equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
. e1 U/ w! r/ eU.S. fi scal retrenchment and relief on the part of bond
5 c6 x8 s: t. e& E9 Gmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.