市场综述

小曲

+ {- ?5 k/ a) t% p( V2 iSignature Market Roundup
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  H7 o: l, S& T+ MEric Bushell
Senior Vice-President,
- l) k: k! V& G' X9 FPortfolio Management
and Chief Investment Officer
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2 b  j! {  e% J# G# ], ?" P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。

0 L5 U& i# x* @5 d+ QThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
% Z6 z" X8 f  b( n) K/ q: j" YEuropean sovereign crisis and a U.S. slowdown. The second
2 q( h4 I  K0 z4 ]phase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
1 u1 {8 m# N+ S" K6 ~' t& `for real assets ranging from property to commodities, credit
* w# E0 \, h0 t" \: v: n. _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
' F; E. s' ^8 n' u" Xmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
$ W2 n2 ?( z' X' ]/ I5 yneutral risk positioning.