市场综述

小曲

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- U" F2 |: ?( M4 oSignature Market Roundup

. K! ]. L" S' I* J9 A, H; q, M
7 Z1 b' b5 W! ]. KEric Bushell
+ ^$ G) s. X4 c3 ]* J+ s4 ^- sSenior Vice-President,
Portfolio Management
and Chief Investment Officer
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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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, K/ q) [+ V7 @, X: p  dThe second phase of the post-Lehman recovery in risky assets
& N# B8 f+ x+ ]7 Imay be drawing to a close in April 2011. The fi rst phase
ran from March 2009 to April 2010 and was halted by the
& ]3 a! n; |0 EEuropean sovereign crisis and a U.S. slowdown. The second
5 a% j" q7 M% uphase began with the U.S. Federal Reserve launching an
! b; ~2 v7 a2 z4 R, }unconventional easing policy dubbed QE2 in September
/ {1 q  H* h2 r* t2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
/ g8 F4 k- G& e" Eand equities. As we near the end of this policy, prospects
1 v4 I* T$ _: p9 R9 X4 pfor dollar stabilization grow; this would be helped through
: M) N8 ]5 ?+ `U.S. fi scal retrenchment and relief on the part of bond
) O/ _0 s1 t+ \% `  [, ]0 z( P0 amarkets. Given the success of the policy and the heightened
0 f- J6 [. {6 ?+ `! m7 iuncertainties elsewhere, it may be time to move to a more
) t' ?9 u5 p: F! vneutral risk positioning.