市场综述

小曲

; E! ]  P- M' k+ |+ O. f8 PSignature Market Roundup

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Eric Bushell
Senior Vice-President,
/ @, Q. A7 R8 H( z0 q( {Portfolio Management
1 R% a+ _7 A( U4 E' G; r0 O3 nand Chief Investment Officer
/ o+ L' u% x0 S. 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。

The second phase of the post-Lehman recovery in risky assets
, E* K* S) P( `- Vmay be drawing to a close in April 2011. The fi rst phase
% B/ \+ ~: e: Z* e8 C; P2 }+ dran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
. M% R7 }! D4 @6 I# ~- ], Pphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
8 y; k4 x1 g. j9 ?) A2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
7 P8 z5 B" Y" E0 Kand 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
  S" T$ ~1 G0 r0 m2 R5 h: Z5 smarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
7 q1 H6 o% ^. ^5 E! ?neutral risk positioning.