市场综述

小曲

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9 r0 o0 T6 X8 C, y! B: DSignature Market Roundup

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, C% J0 s* Y7 Q# P& I) l9 a. }Eric Bushell
0 {& o& Y  X8 d3 U+ j- \. mSenior Vice-President,
2 V; n- h- {( w3 [( X3 nPortfolio Management
9 U1 {& m' M& Land 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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! `1 _% `: X' i  h% i  T& }  r: c5 D* DThe second phase of the post-Lehman recovery in risky assets
may be drawing to a close in April 2011. The fi rst phase
( n0 y* u7 C! M. m; \( `7 E+ a& H' p6 dran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
: N" l4 T9 U" }' W1 ^+ x  wunconventional easing policy dubbed QE2 in September
# ~2 Y, m2 F( o# M& _9 B0 ^. g- g2010. This action saw investors exit the dollar and scramble
/ y6 @! x/ `3 ]0 J& l/ ?, d* Nfor real assets ranging from property to commodities, credit
$ ^! x: d+ a. _  [# V2 y" K3 O9 E2 |and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
- P7 Y+ M6 U4 H" P. Z; _U.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
$ O8 d' l5 h- `' mneutral risk positioning.