市场综述

小曲

; @/ g4 L+ d9 K, v" {+ a  z5 USignature Market Roundup

% P$ g" r! t, a1 ~- P/ Z. J
* _% a- A- T3 l9 D' Z5 l. `Eric Bushell
4 S6 H6 x% L2 P* z: |$ G5 [8 ?Senior Vice-President,
# q% ^8 p  ^( r1 i3 B* ?& a7 k( a* bPortfolio Management
and 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。

* J* H4 u) L, u& u, b7 nThe second phase of the post-Lehman recovery in risky assets
6 u' m& T. D, Qmay be drawing to a close in April 2011. The fi rst phase
- q' H+ W" i  Z$ `$ y9 uran from March 2009 to April 2010 and was halted by the
4 q' \( |. _# ?/ }European sovereign crisis and a U.S. slowdown. The second
phase began with the U.S. Federal Reserve launching an
0 I+ i0 I, D6 p+ iunconventional easing policy dubbed QE2 in September
2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
7 x; ~+ f, [0 d- R! @% |and equities. As we near the end of this policy, prospects
for dollar stabilization grow; this would be helped through
6 m! B6 j6 M6 ~3 W- EU.S. fi scal retrenchment and relief on the part of bond
& q$ i% S& _' S6 y, Pmarkets. Given the success of the policy and the heightened
uncertainties elsewhere, it may be time to move to a more
0 _/ i( v8 W& V/ c# j- s5 ^neutral risk positioning.