市场综述

小曲

) f" K/ j! r% [$ a# I' \* SSignature Market Roundup

: F$ `' K7 t$ s8 o% p+ h
Eric Bushell
Senior Vice-President,
& y, k* n0 h3 ZPortfolio Management
4 F* |; x3 ]$ E8 g2 V4 w1 V4 |2 kand 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。
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The 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
% d/ E' o* B0 T! S3 }/ MEuropean sovereign crisis and a U.S. slowdown. The second
% g2 u" f1 z. p, R2 C" M6 wphase began with the U.S. Federal Reserve launching an
% i7 A* Y) P3 p% yunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
  [4 {5 s; R+ n1 Q! |for real assets ranging from property to commodities, credit
+ p% v+ A) n; ~/ e; m! c. oand 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
* {/ p' @7 f1 O# [4 ~/ f8 V* u& W: J# @markets. Given the success of the policy and the heightened
% ?! L$ i* Z* n# q; R* L. k" Wuncertainties elsewhere, it may be time to move to a more
2 |! z. Y$ Y6 @" K2 o/ a4 Pneutral risk positioning.