市场综述

小曲

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& @; @6 p0 V  T; d2 J( P6 BSignature Market Roundup
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Eric Bushell
( \/ c& c7 N0 BSenior Vice-President,
3 v0 n' S* a) f' v7 o( cPortfolio Management
1 Y# m% H% ?' T8 }6 V: Nand Chief Investment Officer
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! p+ j4 {, R2 Z- N( A& J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。

9 T, Z% N8 E! q- |# FThe second phase of the post-Lehman recovery in risky assets
. @; S. S- `% h2 x( wmay be drawing to a close in April 2011. The fi rst phase
$ c' J$ H/ |6 a8 ?0 L+ r. T" o9 yran from March 2009 to April 2010 and was halted by the
European sovereign crisis and a U.S. slowdown. The second
7 Q9 j4 h/ Q1 C3 E1 w) w9 vphase began with the U.S. Federal Reserve launching an
" ^* ]8 L. X5 A# Iunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
" ^; J0 ~' I4 |* Pfor real assets ranging from property to commodities, credit
and equities. As we near the end of this policy, prospects
. k' i" e9 p. C8 _3 E; F) T1 W1 ufor dollar stabilization grow; this would be helped through
& Y+ y) m8 i3 C/ O& o% jU.S. fi scal retrenchment and relief on the part of bond
: M) G! d: I" }7 imarkets. Given the success of the policy and the heightened
% }+ D8 `4 Y4 x. M, q; O  q* \- y6 Uuncertainties elsewhere, it may be time to move to a more
! u  y; z- |! B7 B' Xneutral risk positioning.