市场综述

小曲

% q; C, T9 V0 W% r! O3 HSignature Market Roundup
9 _$ Y  o4 e3 k- f7 _% P* Z

4 k& T) p$ {9 z$ {Eric Bushell
7 p' Y- c0 |4 d) BSenior Vice-President,
Portfolio Management
3 ?! Q2 l/ g+ G5 ^( yand Chief Investment Officer
0 C% n8 \0 g; S! t4 L7 N
! j" E# ~: |3 Z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。

5 ]% s! m+ {6 |+ f$ C8 F' ^The second phase of the post-Lehman recovery in risky assets
9 H3 j" y/ w' q: z! `may 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
* ?" Z  C7 n' q( E  J: Kphase began with the U.S. Federal Reserve launching an
unconventional easing policy dubbed QE2 in September
5 X3 w# O# J4 ^& @5 B2010. This action saw investors exit the dollar and scramble
for real assets ranging from property to commodities, credit
# F6 m, Y3 T! c: o& C3 o6 c9 Aand 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
markets. Given the success of the policy and the heightened
# c1 ^/ r6 D/ E- B6 euncertainties elsewhere, it may be time to move to a more
neutral risk positioning.