市场综述

小曲

' p, ]. _& Z) O- e& g6 eSignature Market Roundup
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& B" u8 E3 l/ ZEric Bushell
+ l: A5 ?( t6 Q& vSenior Vice-President,
1 Q( s2 o8 q5 m. Z: k- }' f! fPortfolio Management
# R- J6 e2 Q) b$ A: M1 k; f' Rand 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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' e5 ]& m+ V3 K( c# Q: _The second phase of the post-Lehman recovery in risky assets
8 b0 f6 d' A! ?# ?/ S) U8 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
European sovereign crisis and a U.S. slowdown. The second
( D' _9 F, E, t. S/ Z8 L1 wphase began with the U.S. Federal Reserve launching an
) d) Q) b: M% R5 v) G& l  \unconventional easing policy dubbed QE2 in September
- v% |: v$ M! y$ j' O# o2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
9 h( C, G( W# ^! I; 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
7 C( r1 U3 _( @$ D; M' Rmarkets. Given the success of the policy and the heightened
8 y5 B' o, q% \uncertainties elsewhere, it may be time to move to a more
neutral risk positioning.